Independent News & Media Regulatory News (INM)

25 May 2007 09:08

Independent News & Media PLC25 May 2007 UPDATE ON CONSORTIUM'S OFFER TO ACQUIRE APN Sydney (25 May 2007): APN News & Media Limited ("APN"), in which IndependentNews & Media PLC ("INM") (ticker: INWS.I; INWS.L) holds a 38.5% shareholding,today confirmed that the previously announced Scheme to acquire the entireissued share capital of APN was not approved by the eligible shareholders attoday's APN shareholders meeting in Sydney. INM was ineligible to vote in theScheme. This announcement follows INM's all cash offer at A$6.20 - made on 17thApril 2007 - in conjunction with Providence Equity Partners and The CarlyleGroup - giving APN an enterprise value of A$3.8 billion (€2.3 billion). More than 5,000 APN shareholders voted with approximately 80% of the eligibleshareholders voting in favour of the Scheme. Despite this overwhelming majority,the total number of eligible shares voting in favour of the Scheme was below the75% requirement for the Scheme to proceed. As a result of this APN shareholdervote, the proposed transaction will not proceed. Commenting on this vote, Gavin O'Reilly, group chief operating officer, said:"This process has resulted in the market fully recognising APN's multimediastrategy and strong, quality assets across publishing and online, radio andoutdoor advertising, and underpins INM's extremely valuable asset. Having builtAPN into Australia's premier media group over the past 20 years, INM willcontinue to review the many opportunities that arise in the excitingAustralasian media scene, with a focus on maximising value for INMshareholders." ENDS 25 May 2007 For further information, please contact: Gavin O'Reilly Chief Operating Officer +353 1 466 3200Donal 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 |+--------------------------+------------------------+--------------------------+| | | |+--------------------------+------------------------+--------------------------+|Investors and Analysts | | || | | |+--------------------------+------------------------+--------------------------+|Mark Kenny/ Jonathan | | ||Neilan | | |+--------------------------+------------------------+--------------------------+|K 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 UnitedKingdom, it publishes the flagship national title, The Independent, as well asbeing the largest 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