Australia: Independent makes takeover approach for APN

Posted by Rory Satran on October 27, 2006 at 10:05 AM

Tony O'Reilly's Independent News and Media has made a takeover approach for Australia's APN News and Media, the country's fourth largest newspaper publishing company. Irish billionaire O'Reilly already owns a 40% stake in the company down under. Independent has reportedly joined forces with private equity firms to offer A$6.02 per share. APN is valued at A$2.76 billion.

Since recent laws were passed in Australia removing media ownership restrictions, James Packer, Rupert Murdoch and Kerry Stokes have also made deals.

O'Reilly is a former rugby player and ex-chief executive of H.J.Heinz Co. According to Bloomberg, he controls 26% of Independent's stock, as well as 40% of Irish luxury brand Waterford Wedgewood.

Source: Bloomberg