In an expected market update yesterday, Fairfax chairman Nick Falloon said given Fairfax had not received a binding offer from either suitor, the board had ``ceased discussions with both parties''. TPG and Ontario Teachers' Pension Plan Board and rival suitor San Francisco-based investment fund Hellman & Friedman were both under- taking month-long due diligence into Fairfax and had until last Friday to lodge formal offers. However, TPG withdrew during the weekend and Hellman & Friedman failed to lodge a formal offer. TPG was offering $A1.20 per share while Hellman & Friedman was offering between $A1.225 and $A1.25 a share, valuing Fairfax at up to $A2.87 billion. AAP reported the option to spin off and list Domain had the backing of Fairfax investor Thorney Opportunities, whose chairman Alex Waislitz last week said the takeover approaches from TPG and Hellman & Friedman undervalued Fairfax.

Source: Otago Daily Times July 03, 2017 18:00 UTC