Investor Relations
News Detail

12th Feb 2007

APN Board Recommends Offer of A$6.10 per Share by INM led Group

The Board of Independent News & Media PLC ('INM') (ticker: INWS.I; INWS.L) announces that the board of APN News & Media Limited ('APN') (ticker: ASX, NZX: APN), a company in which INM has a 41.6% shareholding, has recommended an all-cash revised offer of A$6.10 per share for the entire issued share capital of APN (the 'Transaction') recently made by INM, in conjunction with Providence Equity Partners ('Providence') and The Carlyle Group ('Carlyle') (together the 'Consortium').

This recommended offer values APN at A$3.8 billion (approximately .2.3 billion) and will be funded by a combination of equity subscription and debt.

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“Independent News & Media has always understood that beyond being a very successful company in the financial sense, it has broader social responsibilities to all those communities where it operates. This is demonstrated by over 200 projects and charities which the company has underwritten and supported and can be seen from the work that INM has done in education, particularly the work they’ve done in health education in South Africa in relation to HIV and AIDS.”

Baroness Margaret Jay, Non-Executive Director
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