SYDNEY, July 3 (Reuters) - Australia’s oldest newspaper publisher Fairfax Media Ltd on Monday said it had ceased discussions with two U.S private equity suitors, after neither lodged a binding offer for the company.
The publisher last month fielded bids worth as much as A$2.87 billion ($2.2 billion) from TPG Capital Management LP and Hellman & Friedman, and both firms were granted due diligence.
“Following the conclusion of this process Fairfax did not receive a binding offer from either the TPG Consortium or Hellman & Friedman. Accordingly, the Fairfax board has ceased discussions with both parties,” Fairfax said in a statement to the Australian Securities Exchange.
Fairfax will proceed with previously announced plans to demerge its profitable property classifieds division, Domain Group, the statement added. ($1 = 1.3006 Australian dollars) (Reporting by Tom Westbrook; Editing by Stephen Coates)