TPG Consortium Returns with Cash but Still Just an Indicative Proposal for Fairfax Media
There is no change to our AUD 1.00 fair value estimate for Fairfax Media, in light of the revised indicative proposal from the TPG Consortium. By presenting an all-cash AUD 1.20 per share proposal for the whole of Fairfax, the consortium has effectively taken on the on-selling risk of assets it has no interest in keeping, namely, Australian Community Media, New Zealand Media, the 55% shareholding in Macquarie Media radio, and the 50% interest in Stan, as well as an assumption of Fairfax's AUD 11...Fairfax Media is engaged in the publishing of news, information and entertainment, advertising sales in print and digital formats, and radio broadcasting. Co.'s segments include: Domain Group, which is engaged in real estate media and services business; Metropolitan Media, which is engaged in metropolitan news, sport, lifestyle and business media; Australian Community Media, which is engaged in newspaper publishing and online for all Australian regional, community and agricultural media; New Zealand Media, which is engaged in newspaper, magazine and general publishing and online for all New Zealand media; and Radio, which is engaged in metropolitan radio networks in Australia.
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