26th Oct 2006 07:01
Independent News & Media PLC26 October 2006 APPROACH TO THE BOARD OF APN NEWS & MEDIA Dublin/London 26th October 2006: Independent News & Media PLC ('INM' or the'Group') (ticker: INWS.I; INWS.L) has noted recent market speculation about apossible offer for APN News & Media Limited ('APN') at a value of approximatelyA$3.8 billion. INM confirms that, in conjunction with Providence Equity Partnersand other capital partners (together the "Consortium"), it has approached theBoard of APN regarding a possible leveraged buy-out of the entire share capitalof APN. If concluded, INM intends to reinvest a significant part of its likely proceedsfrom the Consortium's offer so that it retains, indirectly, a 40% interest inAPN on completion. The balance of the cash to be received by INM as a result ofthe Consortium's offer will be applied towards the acceleration of the Group'sexpansion in its global markets, to the maximisation of shareholder returns andto general corporate purposes. If concluded, it is envisaged that INM will manage and run APN, which will nolonger be a subsidiary of INM but will be accounted for as an associate company. This preliminary approach is subject to a number of conditions including duediligence; implementation of the new media laws in Australia and such otherregulatory and board approvals as may apply. Accordingly no further informationcan be provided by INM at this time. Any further announcements required will bemade without delay. ENDS. Thursday, 26th October 2006 For further information, please contact: Gavin O'Reilly Chief Operating Officer +353 1 466 3200 Donal Buggy Chief Financial Officer +353 1 466 3200 Media Pat Walsh Rory Godson Paul Keary Murray Consultants Powerscourt Media Financial Dynamics (New (Dublin) (London) York) Tel: +353 1 498 0300 Tel: +44 207 236 5619 Tel: +1 212 850 5600 +1 917 297 6599 Investors and Analysts Mark Kenny/ Jonathan Neilan K Capital Source(Dublin) Tel: +353 1 631 5500 Email:[email protected] ABOUT INDEPENDENT NEWS & MEDIA PLC - CORPORATE PROFILE - Independent News & Media PLC ('INM') is a leading international newspaper andcommunications group, with its main interests in Australia, India, Ireland, NewZealand, South Africa and the United Kingdom. Spanning four continents and 21individual countries, INM has market-leading newspaper positions in Australia(regional), India, Ireland, New Zealand and South Africa. In the United Kingdom,it publishes the flagship national title, The Independent, as well as being thelargest newspaper group in Northern Ireland. Across these regions, the Group publishes over 175 newspaper and magazinetitles, delivering a combined weekly circulation of over 31 million copies witha weekly audience of over 100 million consumers and includes the world's largestread newspaper, Dainik Jagran, in India. The Group has established a strong andgrowing online presence, with over 70 editorial and classified sites. INM is the largest radio operator - 132 stations and an audience exceeding fivemillion people - and outdoor advertising operator in Australasia and also hasleading outdoor advertising positions in Hong Kong, Malaysia, India, Indonesiaand across Africa. The Group has grown consistently over the last 15 years by building ageographically unique and diverse portfolio of market-leading brands, and todaymanages gross assets of €4.0 billion, revenue of €1.8 billion and employsapproximately 10,300 people worldwide. Further information is available on theGroup's website www.inmplc.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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