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Reading: Game Back On! TPG Increases Offer To $2.7 Billion For All Of Fairfax
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B&T > Media > Game Back On! TPG Increases Offer To $2.7 Billion For All Of Fairfax
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Game Back On! TPG Increases Offer To $2.7 Billion For All Of Fairfax

Staff Writers
Published on: 15th May 2017 at 10:43 AM
Staff Writers
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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.

 

 

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Staff Writers represent B&T's team of award-winning reporters. Here, you'll find articles crafted with industry experience spanning over 50 years. Our team of specialists brings together a wealth of knowledge and a commitment to delivering insightful, topical, and breaking news. With a deep understanding of advertising and media, our Staff Writers are dedicated to providing industry-leading analysis and reporting, both shaping the conversation and setting the benchmark for excellence.

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