Australian newspaper publisher Fairfax Media Ltd (FXJ.AX) on Monday said it has received a revised A$2.76 billion ($2.04 billion) cash offer led by U.S. private equity firm TPG Capital Management [TPG.UL] for all of the company.

The offer from TPG and the Ontario Teachers’ Pension Plan Board (OTPP) values Fairfax at A$1.20 a share, and compares with a previous proposal to buy the company’s top mastheads, including The Sydney Morning Herald and The Australian Financial Review, and its property listings unit Domain for A$0.95 a share.

That would have left investors with scrip exposure to the publisher’s radio division, regional and New Zealand titles, a stake in an online television streaming start-up and its debt. The TPG consortium valued those assets at A$0.25 to A$0.30 a share, but Evans & Partners analysts said that was “optimistic”.

READ FULL ARTICLE HERE