FXJ 0.00% 66.0¢ fairfax media limited

News: FXJ Fairfax Media updates on receiving interest from TPG and Ontario Teachers' Pension plan...

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    May 8 (Reuters) - Fairfax Media Ltd (FXJ) :

    • 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"
 
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