TPG, OTPP pursue carve-up of Australia's Fairfax Media
TPG Capital and Ontario Teachers’ Pension Plan (OTTP) have submitted a buyout offer for Fairfax Media that would see them assume control of certain assets – including newspapers The Sydney Morning Herald, The Age and The Australian Financial Review – while the rest are spun off into a listing.
The prospective buyers are willing to pay A$0.95 per share in cash plus one share in the newly listed company – which is valued at A$0.25-0.30 per share – for all outstanding shares in Fairfax, according...
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