Reuters logo
BRIEF-Fairfax Media updates on receiving interest from TPG and Ontario Teachers' Pension plan board
May 7, 2017 / 10:16 PM / 5 months ago

BRIEF-Fairfax Media updates on receiving interest from TPG and Ontario Teachers' Pension plan board

May 8 (Reuters) - Fairfax Media Ltd:

* On friday, 5 May 2017 received interest from a consortium including TPG Group (TPG) and Ontario Teachers’ Pension plan board

* Indication of interest to acquire Fairfax for a combination of cash and Scrip consideration in a newly listed vehicle

* Consideration under TPG Consortium’s indicative proposal comprises $0.95 in cash

* Consideration under proposal also comprises 1 share in a newly listed co which consortium values at $0.25 - $0.30 per share

* New Media Co would be created by demerging and listing Australian Community Media, New Zealand Media, Macquarie Media and Stan

* “New Media Co would be separately listed on ASX”

* TPG Consortium propose to fund cash consideration through a combination of equity (to be provided by TPG Consortium) and debt

* “Proposed split of businesses may not optimise shareholder value” Source text for Eikon: Further company coverage:

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below