Investor Relations
News Detail

25th May 2007

Update on Consortium’s offer to acquire APN

APN News & Media Limited ('APN'), in which Independent News & Media PLC ('INM') (ticker: INWS.I; INWS.L) holds a 38.5% shareholding, today confirmed that the previously announced Scheme to acquire the entire issued share capital of APN was not approved by the eligible shareholders at today's APN shareholders meeting in Sydney.

INM was ineligible to vote in the Scheme. This announcement follows INM's all cash offer at A$6.20 - made on 17th April 2007 - in conjunction with Providence Equity Partners and The Carlyle Group giving APN an enterprise value of A$3.8 billion (.2.3 billion).

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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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