Fairfax buyout ditched, TPG and Hellman & Friedman retreat LUCY BATTERBSYSUPPLIED Fairfax Media is expected to make an announcement on the Australian stock exchange on Monday. Fairfax Media will remain in shareholder's hands after private equity firm TPG informed the board on Sunday afternoon it was withdrawing its A$2.76 billion ($NZ3.1b) offer to buyout the company. READ MORE:* New $3 billion bid for Fairfax would include its New Zealand business* New bidder emerges for Fairfax Media* Analysts hedge bets on Fairfax bidNews of TPG's withdrawal follows reports that rival bidder-private equity firm Hellman & Friedman - had submitted only a 'letter' by the board-imposed deadline of Friday afternoon. The revised bid and the possibility of a bidding war prompted Fairfax Media to open its books for the US-owned firms to conduct due diligence. Fairfax shares were trading around 95 cents before the TPG offer, then reached a one-year high of A$1.26 when due diligence commenced.

Source: Stuff July 02, 2017 06:22 UTC