Fairfax Still Eyeing Domain Spin-off After Moving On From Private Equity Bidders
Fairfax Media is set to push ahead with its plan to list real estate business Domain separately on the ASX, following TPG Capital’s decision to abandon the bidding war, and Hellman & Friedman’s failure to place a bid in time.
TPG revealed its decision to walk away from bidding for Fairfax on Sunday after looking at the publisher’s books, while rival bidder Hellman & Friedman (H&F) failed to lodge a formal bid for the publisher before the Friday deadline, but indicated in a letter it was still interested in making one, according to The Australian Financial Review.
The last offer that TPG put on the table for Fairfax before abandoning was $2.75 billion, while H&F’s was up to $2.86 billion.
However, Fairfax CEO Greg Hywood said on Sunday that the company has ceased the bidding process with private equity firms and will formally announce today that its focus now will be to spin off Domain by the end of 2017 as planned.
“Now this distraction is over, it is back to business as usual,” Hywood told The AFR.
“As you know, the bids from the two private equity players were unsolicited.
“But once we received the above market indicative bids, we acted in the best interests of our shareholders and ran a process. It is common in these situations for indicative bids not to translate to binding bids.”
The Australian reporter John Durie noted in a column that Fairfax chairman Nick Falloon faces an uphill battle in trying to talk up the company’s assets following the exit of TPG.
“No matter how it’s spun, the Domain deal will now look like damaged goods,” Durie wrote.
“Falloon will no doubt try to talk down private equity as the owner of the assets, but that is both incorrect and a sideshow.”
Please login with linkedin to comment
Advertising Standards Bureau Creative Pitch Hellman & Friedman Interior vavavoom VirginLatest News
72andSunny Unveils First Campaign For Plant-Based Drink Brand Australia’s Own
Freedom Foods and 72andSunny Sydney have launched the first advertising campaign for Australia’s Own range of plant-based beverages. The campaign introduces a new visual world and identity for the brand and captures the healthy, positive feeling you get when spending time in nature and when consuming Australia’s Own certified-organic, plant-based beverages. As well as featuring […]
“I’m In A Sweet Spot!” Jessica Rowe On Her Venture Into Podcasting
B&T is chatting with the wonderful Jessica Rowe. Due to time pressures, we thought it best not to mention Eddie McGuire.
Stan Sport Confirms UEFA League Commentary, As Comic Ed Kavalee Joins The Team
Do you take your UEFA Champions League football bloody seriously? Well, you may not like this Ed Kavalee announcement.
Ashes Under Threat Amid Fears Of English COVID Coup
Concerning news of an Ashes boycott this summer. As Seven primes Big Bang Theory repeats as a precautionary measure.
Kayo Moves The Footy Season On For Cricket In Star-Studded Work From Special
Yes, B&T's overdoing it with cricket stories today. Which, admittedly, is better than overdoing it with insurance ads.
Fetch Mini 4K Set Top Box Officially Hits Aussie Shelves
Forget all the hassles of wireless-free streaming, the Fetch Mini 4K set top box is here! And with bubble wrap, too.
Silver Lining Launch The Do Nothing Challenge For Smiling Mind, ReachOut, And Orygen
Not-for-profit, for-purpose agency Silver Lining is launching a fundraising challenge that asks Australia to ‘Do Nothing to Do Something for Mental Health’.
Sportsbet’s $139M In Ad Spend Raises Eyebrows, As Bets Double In 2020
B&T is no fan of the recent proliferation of online sports betting apps. Except when we win, then we bloody love them.
Thursday TV Wrap: Home And Away A Shining Entertainment Star
When B&T thinks Summer Bay, we think "love, exciting & new, come aboard, we're expecting you". Or is that The Love Boat?
Atomic 212° Founders Reveal The “Secret Sauce” Of Media Planning In New Book
If you're in the media planning game, B&T can't recommend this book enough. Manu's 'French Bistro' is also excellent.
Lil Nas X Teams Up With Durex In His Sexy New Music Video
This article carries themes of prophylactic use, crossdressing & gay sex. Nothing a few Hail Marys can't fix, B&T says.
The EU Wants Standardised Phone Chargers… And Apple Isn’t Happy
Apple unhappy about EU's uniform phone charger threat. Still turning blind eye to flogging power cables for 120 bucks.
This Tourism Ad Is So Weird & Trippy, It’ll Have You Declaring “WTF Did I Just Watch?”
Did you perhaps take an ecstasy tablet in your misspent youth? B&T warns this ad could bring it back on 15 years later.
Postponed Australian Commercial Radio Awards Now Set For A Live Event In February
Get the frock or suit to the dry cleaners & hook yourself up a gram, Commercial Radio Awards now a mere 142 days away.
Cadbury And Milka Maker Mondelez International Threatens Vegan Business With Lawsuit Over Packaging Colour
Vegan snack brand threatened with lawsuit over purple packaging. Has reportedly enlisted Grimace as its legal counsel.
Are You Paying Too Much In Search Marketing?
Are you paying too much for search marketing? Discover the awful truth here. Or, alternatively, look at the invoice.
Nine APAC Finalists In One Club’s Young Guns 19 Competition
Nine creatives from APAC are among the 94 finalists from 27 countries in The One Club for Creativity’s prestigious Young Guns 19 competition, celebrating international creative professionals age 30 or younger. The finalists from APAC are: Hiu Ching Kung, graphic designer, Hong Kong Lam Ieong Kun, graphic designer, illustrator, indego design, Macau Raxenne Maniquiz, graphic designer, illustrator, Santa Maria (Philippines) Kiyotaka […]
Jessica Alba & Zac Efron Return In Newest (& Darkest) Instalment For Dubai Tourism
Dubai is THE place for adventurous travellers. While its prison system is the place for REALLY adventurous travellers.
Ben’s Original Unveils New Campaign & Packaging Via The&Partnership
Ben’s provides fluffy, stodge-free rice each time & the ideal accompaniment to your fluffless, stodgy curry disasters.
Agnes Media Appoints Former Qantas Marketer Jan Consul As Senior Performance Manager
Qantas marketer Jan Consul no longer blagging 20% off flights to Maroochydore after joining the Agnes Media team.
Adflow’s Regional OOH Coverage Expands By 60%
OOH transit company Adflow has announced the success of the first phase of its regional expansion program. Adflow’s regional footprint has increased by 60 per cent to now include 65 regional locations. With 9.1 million people living regionally in Australia (growth of 1.1 per cent experienced in the 19/20 Financial year) and most regional centres […]
Freshworks Starts Trading On Nasdaq, Valued at $13.7 Billion
Freshworks, a leading software company, has started trading on the Nasdaq Global Select Market, marking an important milestone for the company. The company priced its IPO at US$36 per share (AU$49.76), raising about US$1 billion (AU$1.4B), resulting in a total market capitalisation of AU$13.7 billion (US$10B). Freshworks, which was founded in India, has strong roots […]
SLIK Announces Four New Key Hires
Independent creative agency, SLIK, has made significant changes to its full service creative offering with four hires across management, creative and production.
Lucciana Beynon Falls Victim To Brutal & Outdated Photoshopping
B&T warns this article contains rather racy imagery. But as you're working from home, a trip to HR's not on the cards.
News Corp Reveals The Power Of Brand Content In New Research
News unveils 'The Power of Brand Content' research. The title arguably giving away the fact that it's a huge fan of it.
The Nutrition Couch Joins ARN’S IHeartPodcast Network
Has a partner complained of incessant flatulence, pungent urine or performance issues? This nutrition podcast may help.
How Retailers Can Maximise Their Results This Sales Season
Black Friday Cyber Monday (BFCM) is the biggest player in the holiday shopping game and Google’s most recent research suggests consumer interest for the peak sales season starts much earlier than retailers may realise. The pandemic has fundamentally changed buyer behaviour over peak sales season, with Google suggesting that global consumer interest in Black Friday […]
CUB & Clems Melbourne Unveil A Wonderful Ode To Aussie Pubs
This ode to pubs is so visceral and raw you can almost smell the chunder, the beer-soaked carpet & the urinal blocks.
Thank Your Lucky Stars, RMIT Pitch Night Is Back!
RMIT Pitch Night returns! And if you ever needed a reason to break out the cocktail shaker, this has to be it.
Study Reveals Australia Has The 14th Best Netflix Library In The World
Australia falls to 14th on best Netflix library list. However, we're still tops for skin cancer rates & shark attacks.
