SYDNEY, May 15 (Reuters) - 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 its assets.
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)