Investor Relations
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Approach to the Board of APN News & Media
Independent News & Media PLC ('INM' or the 'Group') (ticker: INWS.I; INWS.L) has noted recent market speculation about a possible offer for APN News & Media Limited ('APN') at a value of approximately A$3.8 billion. INM confirms that, in conjunction with Providence Equity Partners and other capital partners (together the 'Consortium'), it has approached the Board of APN regarding a possible leveraged buy-out of the entire share capital of APN.
If concluded, INM intends to reinvest a significant part of its likely proceeds from the Consortium's offer so that it retains, indirectly, a 40% interest in APN on completion. The balance of the cash to be received by INM as a result of the Consortium's offer will be applied towards the acceleration of the Group's expansion in its global markets, to the maximisation of shareholder returns and to general corporate purposes.
