Billionaire Bruce Gordon's regional television group WIN corporation now has an almost 20% stake in Nine Entertainment.
In a notice to the ASX, Birketu Pty Ltd, Gordon’s investment vehicle, said recent transactions increased WIN’s aggregate economic interest in Nine to 25.22% from 25.10% and the voting interest to 19.98% (316,837,365 shares) from 14.95%.
This puts ownership just under 20%, above which under ASX rules a company or person must make a takeover bid.
Nine shares closed Tuesday at $1.53, up from a 52 week low of $1.065 but down from a high of $1.812.
The 96-year-old Gordon is the largest shareholder at Nine and WIN CEO Andrew Lancaster is a board director of the media group.
He became the largest shareholder in 2015 when WIN acquired a 13% stake in Nine private equity firm Apollo.
Gordon last year retired as a director of WIN and Birketu.
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