Sydney -- A consortium led by private equity giant TPG Capital upped its offer for troubled Fairfax Media Monday and now wants to buy out the entire firm. TPG has boosted its offer to Aus$1.20 a share in a deal that would see it takeover the whole business. "The Fairfax board of directors is reviewing the revised indicative proposal," the media giant said in a statement. "The Fairfax board notes that there is no certainty that the revised indicative proposal will result in an offer for Fairfax, what the terms of any offer would be, or whether there will be a recommendation by the Fairfax board." The TPG offer comes amid hefty cuts at Fairfax which earlier this month saw journalists strike for a week protesting job losses as the publisher struggles with dwindling advertising income.

Source: The China Post May 15, 2017 03:00 UTC