Melbourne/Ruth Liew: TPG Capital has pulled out of the running to buy Fairfax Media Ltd, leaving US private equity firm Hellman & Friedman LLC as the potential sole bidder for the Sydney-based publisher. TPG said it had “exited the Fairfax due-diligence process” and decided not to proceed with an offer for the company, according to an emailed statement from a TPG spokesman to Bloomberg on Sunday. Hellman & Friedman sent a letter to Fairfax’s board on Friday stating it had not walked away from the deal, although it has not put forward a binding bid, according to the Australian Financial Review. A Fairfax spokeswoman in Sydney declined to comment when contacted by telephone by Bloomberg on Sunday. The unit could double in value by 2020 to as much as A$4 billion, UBS Group AG said in May.

Source: Mint July 02, 2017 13:07 UTC