Fairfax Media (ASX:FXJ) has announced that its bid to merge with New Zealand NZME subsidiary "Stuff" has been rejected by the court of Appeal.
The merger failed to get the tick of approval from the New Zealand Commerce Commission in May last year ,and, that decision was later upheld by the High Court in December.
NZME CEO, Michael Boggs says he is disappointed by the decision as NZME is still of the view that the merger is in the best interests on both the company's shareholders and the New Zealand media industry as a whole.
NZME says it will take the time to review the full judgment when released and consider its options.
Shares in Fairfax (ASX:FXJ) closed 1.21 per cent lower to 81.5 cents yesterday.