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TPG boosts offer for Australia's Fairfax Media, shares leap to six-year high

Reuters  |  SYDNEY 

By Jamie FreedSYDNEY (Reuters) - U.S. buyout firm TPG Capital Management on Monday raised its cash bid for Fairfax Media Ltd, offering A$2.76 billion ($2.04 billion) for the struggling Australian publisher and sending its shares to a six-year high.The fresh offer from TPG and partner Ontario Teachers' Pension Plan Board (OTPP) would allow shareholders to cash out completely rather than leaving them with scrip in a piecemeal collection of small assets including radio, regional newspapers and television streaming."It's better to have a complete bid," said John Grace, co-head of equities at ...

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First Published: Mon, May 15 2017. 09:50 IST