Jul 20, 2017 Last Updated 8:28 AM, Jul 20, 2017

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Fairfax shares lift following $2.7 billion TPG offer

Double explosure with businesss chartsAusBNAusBN - Australia’s leading media company Fairfax Media (ASX:FXJ) has received a revised offer of AUS$2.76 billion for the company from TPG Capital and Ontario Teachers’ Pension Plan consortium.

The $1.20 per share offer from the US-based private equity giant boosted Fairfax shares to their highest level in six years as shares closed at $1.14 on Monday, up 7 cents.

TPG originally made an offer of 95 cents a share for the media company which publishes the Sydney Morning Herald and the Age, an initial valuation of $2.5 billion.

However, the revised offer has been met with dismissal by Fairfax’s second largest shareholder, who has reportedly called on directors to reject the takeover bid.

Fairfax-owned Australian Financial Review quoted Reece Birtles, chief investment officer at Legg Mason Martin Currie Australia as saying the revised bid still undervalues the company.

“We believe the bid materially undervalues the prospects for Fairfax given the growth in domain, the digital transformation of mastheads and the strategic value with changed media laws,” said Birtles.

@AusBNOnline

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