As was widely expected, US private equity firm TPG has increased its offer for Fairfax Media to $2.7 billion. The new offer is half a billion more than the original $2.2 billion announced a week ago, however, TPG would want the entire company not just select assets as per the original deal.
The Fairfax board was due to vote on the TPG offer today, however, that now seems unlikely with TPG’s new offer overnight.
Fairfax Media is this morning reporting the board is “reviewing the revised, indicative, preliminary and non-binding proposal and would update shareholders when it had been fully assessed.”
However, the new $2.7 billion offer appears well short of the $3.1 billion that Fairfax believes the company is worth in its entirety.
TPG’s original offer was only for Fairfax’s main assets including its mastheads and the highly-prized Domain real estate website. It didn’t included its assets in New Zealand, Macquarie Radio interests or 50 per cent share in the SVOD player Stan.
The Fairfax board is loathed to break-up the company and believes the unsold assets would struggle on their own.
Shareholders were apparently interested in TPG’s offer if it included all of Fairfax and the private equity firm was willing to pay the asking price of $3.1 billion. However, if TPG’s bid were to be successful, it could still sell off parts of the company and possibly restructure it.
In this opinion piece, Alpha Digital’s head of performance Amir Rezaee outlines the impact to brands of a potential banning of TikTok in Australia The six weeks or so since TikTok announced its local Australian office has been a busy period. Aiming to make a similar impression on SMBs as it has on its 1.6m […]
Amid the sadness of magazine closures, the challenges of COVID-19, and industry concern as companies merge or change hands, some magazines are thriving. NextMedia titles such as the much-loved frankie and ABC Gardening Australia magazine have been enjoying a surge in sales during this period of home isolation. Gardening Australia retail sales have been robust […]
In this guest post, MINT’s publicity director, Nathan McIlroy (pictured below), explores the new norm for Australian media and says Bauer’s/Mercury Capital’s recent mag closures should be viewed as an exciting opportunity for the brave… Last week’s announcement that new owners Mercury Capital were to permanently close eight of Bauer Media’s magazines sent shockwaves through […]
In a first for the Australian insurance market, Club Marine, Australia’s largest provider of boat and pleasure-craft insurance, has released a new series of videos to help explain insurance cover. With a few familiar Aussie personalities to help out, Club Marine is helping its members, as well as the broader boating community, to understand the […]
Junkee Media and parent company oOh!media have launched a powerful new way to reach young Australians – the Junkee Network. Combining Junkee Media’s content platforms with oOh!’s leading Out of Home assets in venues and universities across the country, the Junkee Network will be the largest and most influential youth content network in the country. […]
Australian small business owners are turning to skilled local freelancers and upping their digital marketing spend as they move online to connect with customers and keep cash flow positive. The Federal Government’s pandemic response has earned a tick from small business owners as have those of New South Wales and Queensland, but one in three […]
In the last 12 months, Optus’ AI Assistant Chatbot has surpassed two million conversations, with 1 in 6 Optus customers having their queries resolved immediately, providing a seamless experience without needing to speak to a person. Optus Assistant greets every customer that comes through My Optus App Messaging and its Web Messaging service with on average […]