Hellman & Friedman bids nearly A$3B for Fairfax Media
May 19, 2017
Publishing | Sydney, Australia
Hellman & Friedman has offered as much as A$2.9 billion (about $2.1 billion) to acquire Fairfax Media (ASX: FXJ) for between A$1.23 and A$1.25 per share. The bid comes less than a week after TPG and the Ontario Teachers’ Pension Plan submitted a revised bid to acquire the media conglomerate for about A$2.7 billion (~$2 billion), or A$1.20 per share. The Fairfax board has invited both bidders to conduct due diligence. Fairfax’s stock jumped 7% on Wednesday, to A$1.24 per share.