Fairfax Media Limited
(ASX:FXJ) has received a proposal from private equity firm, Hellman and Friedman and its associates to buy 100% of the shares in Fairfax (on a fully diluted basis) at $1.225 to $1.250 cash per share.
The media giant received the indicative, preliminary and non-binding proposal from Hellman and Friedman last night.
Hellman and Friedman’s proposal is higher than the prior the TPG Consortium bid to buy 100% of Fairfax’s shares at $1.20 cash per share.
Fairfax says it is now inviting both Hellman and Friedman and the TPG Consortium to conduct due diligence on the transaction.
Shares in Fairfax Media Limited
(ASX:FXJ) last traded at $1.16.
