O’Reilly fails again to take APN private

TONY O’REILLY has failed for a fourth time in his bid to take Australian media company APN News and Media private in a move which would have delivered a 375 million boost for Independent News and Media Plc’s (IN&M) coffers.

APN News & Media Ltd’s shareholders rejected a A$1.9 billion (1.158bn) bid and led by O’Reilly’s IN&M, supported by private equity partners Carlyle Group and Providence Equity Partners.

Despite losing out on the cash bonanza Goodbody analyst Peter Gunn said the failure to unlock resources to fund continued global expansion is a disappointment.