Independent News & Media Regulatory News (INM)

17 Apr 2007 07:04

Independent News & Media PLC17 April 2007 APN OFFER PRICE INCREASED TO $6.20 PER SHARE INDEPENDENT EXPERT SAYS FAIR AND REASONABLE Dublin/London - 17th April 2007: APN News & Media Ltd ('APN'), in whichIndependent News & Media PLC ('INM') has a 40% shareholding, today announcedthat the consortium of Independent News & Media, Providence Equity Partners andThe Carlyle Group has increased the price it is offering to APN shareholdersunder the proposed scheme of arrangement from $6.10 to $6.20 per share. Theconsortium has advised that this price is final. The Chairman of the Independent Committee of the APN Board, Mr Ted Harris, said: "The increased offer, which represents 13.1 times 2006 attributable EBITDA,provides shareholders with an opportunity to realise an attractive premium overhistorical trading prices for APN shares. "The Independent Expert, Deloitte Corporate Finance, has determined that thescheme is fair and reasonable and in the best interest of APN shareholders." Mr Harris said the APN Independent Committee continued to believe that APN'sshare price would fall if the scheme was not implemented and no alternativeproposal emerges. The Independent Committee recommends that all shareholdersvote in favour of the scheme. The Scheme Implementation Agreement will be amended to reflect the new offerterms. The meeting of shareholders to vote on the scheme will now be held inlate May. The Scheme Booklet, containing details of the scheme of arrangementincluding the Independent Expert's report, will be circulated shortly toshareholders. ENDS. Tuesday, 17th April 2007 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 KearyMurray Consultants Powerscourt Media Financial Dynamics (New York)(Dublin) (London) Tel: +353 1 498 0300 Tel: +44 207 236 5619 Tel: +1 212 850 5600 Investors and Analysts Mark Kenny/ Jonathan NeilanK Capital Source (Dublin)Tel: +353 1 631 5500 Email: INM@kcapitalsource.com This information is provided by RNS The company news service from the London Stock Exchange