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.
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.”
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 […]
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 […]
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, 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 […]
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 […]