Fairfax Still Eyeing Domain Spin-off After Moving On From Private Equity Bidders

Fairfax Still Eyeing Domain Spin-off After Moving On From Private Equity Bidders
SHARE
THIS



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 Virgin

Latest News

me&u Appoints Clementine Churchill To Head Of Marketing
  • Marketing

me&u Appoints Clementine Churchill To Head Of Marketing

me&u, Australia’s first and leading mobile ordering and payment platform, has appointed Clementine Churchill as Head of Marketing as they continue to drive rapid growth and expansion in Australia and new international markets. A highly experienced marketing leader and recognised industry thought leader, Churchill joins me&u from My Muscle Chef, one of Australia’s top rated […]

MILO Asks Fans To Compete To Win #TheMILOCup In New Campaign Via Ogilvy
  • Marketing

MILO Asks Fans To Compete To Win #TheMILOCup In New Campaign Via Ogilvy

MILO is on the search for Australia’s best made MILO, calling on fans to share their creations for the chance to win #TheMILOCup, via Ogilvy Sydney. This integrated campaign follows on from the success of last year’s ‘Hot v Cold’ campaign, which encouraged Aussies to settle the debate on whether MILO is best enjoyed hot […]

New ANZ Research Shows That LGBTQ+ Visual Representation Relies On Stereotypes
  • Advertising
  • Marketing

New ANZ Research Shows That LGBTQ+ Visual Representation Relies On Stereotypes

New research from Getty Images, a world leader in visual communications, has found that LGBTQ+ representation in ANZ remains low and stereotypical. It’s 2021 – this needs to change – especially in marketing and advertising. In partnership with GLAAD, the LGBTQ+ media advocacy organisation, Getty Images has launched a full-spectrum Guidebook in direct response to […]

Dir David Attenborough’s Life Stories Launches On LiSTNR
  • Media

Dir David Attenborough’s Life Stories Launches On LiSTNR

Natural historian Sir David Attenborough is one of the most commanding and respected storytellers in the world and now the iconic series, David Attenborough Life Stories, is available on LiSTNR as part of SCA’s recently announced partnership with the BBC. David Attenborough Life Stories is a series of talks on the natural histories of creatures and […]

Menulog Makes Key Marketing Promotions
  • Media

Menulog Makes Key Marketing Promotions

Menulog has doubled down on its marketing support for restaurant partners, with the promotion of Senior Marketing Manager, Rami Tamer, to a newly created role of ‘Head of Partner Marketing’, as well as the promotion of former-Blue 449 Performance Manager, Jaryd Buggins. In the new Head of Partner Marketing role, Rami will lead a team […]

Barry Drinkwater Leaves ARN Brisbane After 28 Years, Will Hand Over Reins To Alisson Longhurst
  • Media

Barry Drinkwater Leaves ARN Brisbane After 28 Years, Will Hand Over Reins To Alisson Longhurst

ARN has announced Barry Drinkwater will be handing over his content director reins at 97.3FM and 4KQ to respected radio executive, Alisson Longhurst. Drinkwater has had a stellar career in radio spanning more than four decades, and was acknowledged as one of Australia’s Top 20 Content Directors by Radio Today in 2020. He began his radio career […]

Australian Radio Industry Joins Global Working Group On Android Automotive
  • Media

Australian Radio Industry Joins Global Working Group On Android Automotive

The Australian commercial radio industry has joined a global working group of broadcasters, carmakers and tech experts collaborating on the innovation of radio in Android Automotive. Android Automotive is Google’s infotainment operating system which is being built into new connected cars. Industry body Commercial Radio Australia is part of the working group, led by the […]

Triple M’s No Talk Day Returns To Inspire Conversation Around Men’s Mental Health
  • Media

Triple M’s No Talk Day Returns To Inspire Conversation Around Men’s Mental Health

For the third consecutive year, Triple M’s No Talk Day will return on Thursday July 1 to raise awareness around men’s mental health and encourage courageous conversations on Triple M’s 45 stations across the country with support from partner Beyond Blue.  From 6:00am – 6:00pm on July 1, Triple M is encouraging listeners to clear […]

Thrive PR Wins SodaStream Account
  • Marketing

Thrive PR Wins SodaStream Account

The farting in the Thrive PR office rises expodentially after the agency snares the SodaStream business.

Businessman using tablet payments online shopping with speed icons customer and data network connection on virtual screen.
  • Marketing

62% Of Shoppers Doing Most Of Their Purchases Online: BigCommerce And PayPal Report

Consumer shifts in how and where people buy products evolved significantly during the COVID-19 pandemic, creating new opportunities for retailers to use new channels, fulfilment strategies and payment options, according to the results of a new survey out today from BigCommerce and PayPal. While a majority of the 3,000 consumers surveyed from the United States, United Kingdom […]

New Talent Agency, Liquorice Plants Roots In NZ
  • Marketing
  • Media

New Talent Agency, Liquorice Plants Roots In NZ

The brainchild of co-founders Gina Williams-Folau (main photo) and Greer Bland, the talent agency Liquorice was born out of a desire to make things easier for brand managers. Liquorice offers social talent for brands wanting to hit the sweet spot with Kiwi audiences. Launching with a roster of big names on board including Millie Elder-Holmes, Athena […]