US private equity group TPG Capital has made a new offer for the entire Fairfax Media company.
The new bid of about $2.7 billion includes the 50% ownership of Stan, jointly-owned with Nine.
TPG’s previous $2.2b proposal was to acquire the lucrative Domain real estate business and Australian Metro Media, which includes The Sydney Morning Herald, The Age and The Australian Financial Review, but did not include Stan and other assets.
The Fairfax board today said it was reviewing the “revised, indicative, preliminary and non-binding” proposal and would update shareholders when it had been fully assessed.” But it has noted that there is no guarantee it will lead to a firm offer or that the conditions, such as price, of a final offer will remain the same.
There is speculation shareholders are still looking for a higher share price.