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Australia's APN News & Media confirms renewed bid from Independent News & Media

Australia's APN News & Media confirms renewed bid from Independent News & Media

Australian media conglomerate APN News & Media Ltd. confirmed Thursday it had received a renewed takeover bid from a buyout consortium led by Tony O'Reilly's Independent News & Media PLC.
The Australian media company, which publishes more than 100 daily and non-daily newspapers in Australia and New Zealand, confirmed to the Australian Stock Exchange that it had received a 6.05 Australian dollar (US$4.72; euro3.63) a share offer from the consortium, which also includes private equity firms Providence Equity and Carlyle Group.
The proposal, the first in the sector for 2007, follows a multibillion dollar buyout spree late last year ahead of changes to Australia's 20-year old media ownership laws.
"The proposal will now be considered by the committee, which will decide whether it is in the best interests of all shareholders, and make a recommendation as quickly as possible," said Ted Harris, chairman of the independent subcommittee of the APN board.
Independent News and Providence walked away from a A$6.02 (US$4.69; euro3.61) a share offer for APN in November after failing to meet a self-imposed deadline.
O'Reilly already owns around 42 percent of Sydney-based APN, which operates radio stations and outdoor advertising sites and publishes newspapers in Australia and New Zealand, including the New Zealand Herald.


Updated : 2020-12-01 02:33 GMT+08:00