Fairfax Media has received a competing bid from global private equity firm Hellman & Friedman valuing the publisher at up to $2.87 billion.
From global private equity firm Hellman & Friedman, the bid is for a range of $1.225 to $1.25 per share, compared with the TPG consortium proposal of $1.20.
The competing bid values Fairfax between $2.82 billion and $2.87 billion versus the TPG consortium proposal of $2.76 billion.
The board has considered both indicative proposals and will invite both the TPG consortium and Hellman & Friedman to conduct due diligence in order to establish if an acceptable binding transaction can be agreed.
Read More: http://www.afr.com/business/media-and-marketing/publishing/fairfax-media-receives-competing-bid-from-hellman--friedman-20170517-gw7drr