Apr 22, 2018 Last Updated 12:58 PM, Apr 18, 2018

New Entry From the Editor :

Australia close to exceeding ‘impossible’ 2020 renewable energy target

Australia close to exceeding ‘…

AusBN - A renewable energy target (RET) deemed ‘impossible’ to ...

Demand for Australian iron ore remains strong, shows fresh data

Demand for Australian iron ore…

AusBN - International demand for Australian iron ore remains as strong as e...

Santos to engage with Harbour Energy after $13.5 billion takeover offer

Santos to engage with Harbour …

AusBN - Australian oil and gas giant Santos (ASX:STO) has received a AUS$13...

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TPG originally made an offer of 95 cents a share for the media company which publishes the Sydney Morning Herald and the Age, an initial valuation of $2.5 billion.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

This Month's Issue

v3i2 cover web

Subscribe

rgn web banner

abn web banner

Recent Tweets