SYDNEY May 15 Australian newspaper publisher
Fairfax Media Ltd on Monday said it has received a
revised A$2.76 billion ($2.04 billion) cash offer led by U.S.
private equity firm TPG Capital Management for all of
The offer from TPG and Ontario Teachers' Pension Plan Board
values Fairfax at A$1.20 a share and compares with a previous
proposal to buy the company's top mastheads, including The
Sydney Morning Herald and The Australian Financial Review, and
its property listings unit Domain for A$0.95 a share.
That would have left investors with scrip exposure to the
publisher's radio division, regional and New Zealand titles, a
stake in an online television streaming start-up and its debt.
The TPG consortium valued those assets at A$0.25 to A$0.30 a
share, but Evans & Partners analysts said that was "optimistic".
Fairfax shares closed at A$1.07 on Friday.
($1 = 1.3535 Australian dollars)
(Reporting by Jamie Freed; Editing by Richard Pullin)