Ireland's Independent News raises offer for Australia's APN to 6.20 aud/share |
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Published
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Tue, 17 Apr 2007 00:36
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SYDNEY (XFN-ASIA) - A buyout consortium led by Ireland's Independent News & Media Plc has increased its offer for outstanding shares in Australian and New Zealand listed APN News & Media Ltd to 6.20 aud a share from 6.10 aud, APN said.APN said the consortium of Independent News, Providence Equity Partners and The Carlyle Group has also advised that the revised offer, which values APN at more than 2.9 bln aud, is final.Independent, which already owned 42 pct of APN, offered 6.10 aud a share in February for the outstanding shares.APN closed at 5.92 aud yesterday.Ted Harris, chairman of an independent committee of the APN board, said the increased offer, whichrepresents 13.1 times 2006 attributable EBITDA, provides shareholders with an opportunity to realize an attractive premium over historical trading prices for APN shares.An independent expert, Deloitte Corporate Finance, has determined that the offer is fair andreasonable and is in the best interest of APN shareholders.Harris said in a statement that the independent committee continued to believe that APN's share price will fall if the bid lapsed and no alternative proposal emerges.He said the independent committee recommends that all shareholders vote in favor of a scheme of arrangement to achieve the merger. A meeting of shareholders to vote on the scheme will now be held in late May.(1 usd = 1.20 aud)bruce.hextall@xfn.comblh/mas
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