Fairfax Still In Aussie Hands
Fairfax Media – operator of the Sydney Morning Herald, Melbourne Age and many other media titles – appears set to remain in Australian hands, at least for the moment, after US-based investment company TPG Capital – not to be confused with David Teoh’s Sydney-based TPG mobile Internet services outfit – withdrew its $2.76 billion takeover offer.
“TPG has today exited the Fairfax due diligence process and has elected not to proceed with an offer,” a spokesman said on Sunday.
A company statement said, in part: “TPG thanks the board and senior management team of Fairfax for the integrity and focus they have brought to the discussions.
“We commend the current management for the job they are doing in managing and growing a valuable collection of traditional and new media assets.”
Analysts predict that Fairfax will now proceed with plans to spin off and separately list its very successful online real estate business Domain, but keep a 70 per cent stake.