Reuters logo
TPG Capital withdraws bid to take over Australia's Fairfax Media
July 2, 2017 / 6:21 AM / 5 months ago

TPG Capital withdraws bid to take over Australia's Fairfax Media

SYDNEY (Reuters) - TPG Capital Management LP [TPG.UL] has abandoned its A$2.76 billion ($2.12 billion) bid to take over Australia’s oldest newspaper publisher, Fairfax Media Ltd (FXJ.AX), a TPG spokesman said on Sunday.

FILE PHOTO: The Fairfax Media headquarters are pictured in Sydney, Australia, May 3, 2017. REUTERS/Jason Reed/File Photo

“TPG has today exited the Fairfax due diligence process and has elected not to proceed with an offer,” a spokesman said in a statement.

    “TPG thanks the Board and senior management team of Fairfax for the integrity and focus they have brought to the discussions.”

    A spokesperson for Fairfax was not immediately available for comment.

    Fairfax had been the subject of a bidding war between TPG Capital and private equity peer Hellman & Friedman.

    Reporting by Harry Pearl; Editing by Christopher Cushing

    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