Published: Thu, May 18, 2017
Industry | By Dora Warner

US private equity firms bid for Australia newspaper empire

US private equity firms bid for Australia newspaper empire

The non-binding cash offer from Hellman & Friedman values Fairfax at A$1.225 to A$1.25 a share, compared to an earlier offer from TPG Capital Management and Ontario Teachers' Pension Plan Board of A$1.20 a share, the Australian company said.

TPG, which is currently offering $1.20 per share for Fairfax, and Hellman & Friedman have now both been given the green light to undertake a close look at Fairfax's books.

From global private equity firm Hellman & Friedman, the bid is for a range of $1.225 to $1.25 per share, compared with the TPG consortium proposal of $1.20.

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Fairfax boss Greg Hywood was criticised for refusing to disclose his salary before a parliamentary inquiry this week. She s also worked in television, magazines and online, and regularly contributes feature articles to The Sydney Morning Herald, MiNDFOOD and The Newcastle Herald.Angela also works as a content writer, creating written content for a number of SMEs across an array of industries, including real estate, education, technology and digital media.

Hellman & Friedman, aside from a higher bid, might also have just the right connections to make its proposal a success.

"The Fairfax board appreciates the support shareholders have demonstrated for Fairfax's current strategy and the potential separation of the Domain Group". He appears to have tied his fortunes to TPG, having already been nominated to run Fairfax under TPG's ownership. Only News Corp. eclipses Fairfax in Australia, publishing a majority of the daily newspapers sold across the country.

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Fairfax shares were valued at $1.16 ahead of Thursday's market open and hovering around their recent six-year price high.

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