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Fairfax shareholders cool to TPG's A$2.2 billion play for publishing giant
Rebuff means TPG consortium will need to raise indicative offer price of 95 Australian cents per share
Add BT as a preferred sourcePublished Mon, May 8, 2017 · 09:50 PM
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Sydney
US BUYOUT firm TPG Capital Management led a A$2.2 billion (S$1.6 billion) approach for most of struggling Australian newspaper publisher Fairfax Media Ltd, a move Fairfax shareholders quickly rebuffed as too low.
The cool response suggests TPG and partner the Ontario Teachers' Pension Plan Board (OTTP) will need to raise their indicative 95 Australian cents per share offer, which is below Fairfax's last closing price.
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