Southern Cross Media Group (ASX:SXL) confirmed the receipt of a waiver and confirmation from the Australian Securities Exchange (ASX) under its listing rules in connection with its proposed acquisition of Seven West Media (ASX:SWM) via a scheme of arrangement, according to a Friday Australian bourse filing.

The waiver will allow Southern Cross to acquire the Seven West shares in which Spheria Asset Management has a relevant interest under the scheme of arrangement without requiring the approval of Southern Cross shareholders.

Spheria holds a stake of around 9.84% in Seven West and around 13.14% in Southern Cross.

The bourse operator also confirmed that it will not require Southern Cross to seek shareholder approval under a listing rule or re-comply with the admission and quotation requirements in connection with the transaction.

Shares of Southern Cross fell past 1% in early trading on Friday, while Seven West shares were down 2%.