Independent News & Media has joined with private equity firm the Carlyle Group to make a $2.2 billion bid for Australia’s APN News & Media.
APN News & Media is already 40% owned by Tony O’Reilly’s Independent News & Media.
Ted Harris, chairman of the independent sub committee of the APN Board said: “The proposal will now be considered by the committee which will decide whether it is in the best interests of all shareholders, and make a recommendation as quickly as possible.”
This is Independent News & Media’s second bid for APN in less than six months, following a failed bid in November 2006.
APN publishes more than 100 national daily and weekly titles in Australia and New Zealand and also owns eight Australia-based outdoor advertising agencies.
Related Links
