NZME has been fined $100,000 for NZX rule breaches. Nine informed NZME that if NZME was not able to match this proposal, Nine anticipated terminating discussions with NZME. At 10.52am, Nine responded to this market announcement in a release on the ASX, stating that Nine had notified NZME that it had "terminated further engagement with NZME". The ruling said the 9.31am market announcement gave the impression to the market that a proposal to acquire Stuff by NZME was well advanced. Following Nine's ASX release at 10.52am (NZST) and NZME's second market announcement of the day at 12.11pm, the market was better informed.

Source: New Zealand Herald April 19, 2021 23:04 UTC