SYDNEY (XFN-ASIA) - APN News and Media Ltd said its board has agreed to a revised 2.8 bln aud offer from a consortium including Irish media group Independent News & Media Plc.
Australia's third largest newspaper publisher said Independent and private equity firms Carlyle Group and Providence Equity Partners raised their offer to 6.10 aud per share from last month's 6.05 aud per share proposal.
It values APN at 2.8 bln aud or 3.8 bln including its debt and convertible notes.
Independent, which already owns 42 pct of APN will reduce its stake to 35 pct under the deal, while Carlyle will hold 27.5 pct and Providence 37.5 pct.
The revised offers follows an initial offer of 6.02 aud in November after Independent made a joint approach with Providence.
'After negotiating the increase from the initial proposal of 6.02 aud per share to a final offer of 6.10, the independent committee has formed the view that the increased offer is in the shareholders' best interests and we recommend that all shareholders vote in favour of the proposal,' said Ted Harris, chairman of APN's independent committee.
The deal values APN at 13 times its 2006 year earnings before interest, tax, depreciation and amortization.
(1 usd = 1.29 aud)
bruce.hextall@xfn.com
blh/mas
Australia's third largest newspaper publisher said Independent and private equity firms Carlyle Group and Providence Equity Partners raised their offer to 6.10 aud per share from last month's 6.05 aud per share proposal.
It values APN at 2.8 bln aud or 3.8 bln including its debt and convertible notes.
Independent, which already owns 42 pct of APN will reduce its stake to 35 pct under the deal, while Carlyle will hold 27.5 pct and Providence 37.5 pct.
The revised offers follows an initial offer of 6.02 aud in November after Independent made a joint approach with Providence.
'After negotiating the increase from the initial proposal of 6.02 aud per share to a final offer of 6.10, the independent committee has formed the view that the increased offer is in the shareholders' best interests and we recommend that all shareholders vote in favour of the proposal,' said Ted Harris, chairman of APN's independent committee.
The deal values APN at 13 times its 2006 year earnings before interest, tax, depreciation and amortization.
(1 usd = 1.29 aud)
bruce.hextall@xfn.com
blh/mas