APN yet to reach decision on offer

APN News & Media has said that its independent directors have yet to reach a conclusion over the Aus$2.4 billion (€1.42bn) takeover offer from an investment group headed by Independent News & Media.

APN are the fourth largest media company in Australia. Independent News & Media already owns 40% of the group.

INM teamed up with US firms Carlyle Group and Providence Equity Partners in January to bid for the remaining 60% of APN for Aus$6.05 per share.

An independent sub-committee of APN News directors are now due to meet with members of the bidding group, according to a statement made to the Australian Stock Exchange yesterday.