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).
