Independent News & Media Regulatory News (INM)

25 Jan 2007 07:00

Independent News & Media PLC24 January 2007 INDEPENDENT NEWS & MEDIA PLC REVISED OFFER TO THE BOARD OF APN NEWS & MEDIA Dublin/London 24th January 2007: This announcement follows Independent News &Media PLC's ('INM' or the 'Group') (ticker: INWS.I; INWS.L) announcement of 24thNovember last, regarding its approach to the Board of APN News & Media Limited("APN") in respect of a possible leveraged buy-out of APN. INM confirmed today that it has, in conjunction with Providence Equity Partnersand The Carlyle Group (together the "Consortium"), made an all-cash offer forthe entire issued share capital of APN at a price of A$6.05 per share. This revised offer - which values APN at approximately A$3.8 billion (c. €2.3billion) - is subject to a number of conditions, including confirmatory duediligence, implementation of the new media laws in Australia, and such otherregulatory and board approvals as may apply. If concluded, INM shall reinvest a significant part of its likely proceeds fromthe Consortium's offer, so that it remains the largest shareholder in APN. It isenvisaged that INM will manage and run APN, which will no longer be a subsidiaryof INM, but will be accounted for as an associate company. The balance of the cash to be received by INM as a result of the Consortium'soffer will be applied towards the acceleration of the Group's expansion in itsglobal markets, to the maximisation of shareholder returns and to generalcorporate purposes. ENDS. Wednesday, 24th January 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 5600Mobile: +353 87 2269 345------------------ ---------------- ------------------ Investors and Analysts------------------Mark Kenny/ Jonathan NeilanK Capital Source (Dublin)Tel: +353 1 631 5500 Email:INM@kcapitalsource.com------------------ 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 Exchange