TPG, Ontario Teachers' boost offer for Australia's Fairfax Media: Reuters
U.S. buyout firm TPG Capital Management has raised its cash bid for Fairfax Media Ltd, offering A$2.76 billion (US$2.04 billion) for the struggling Australian publisher and sending its shares to a six-year high, Reuters reported. The fresh offer from TPG and partner Ontario Teachers' Pension Plan Board would allow shareholders to cash out completely rather than leaving them with scrip in a piecemeal collection of small assets including radio, regional newspapers and television streaming. Fairfax is the publisher of The Sydney Morning Herald and The Australian Financial Review, but its best-performing asset is property listings website Domain, which has boomed amid the decline of newspaper earnings.
15 May 2017•2 mins read
