Independent News & Media Regulatory News (INM)

24 Nov 2006 07:07

Independent News & Media PLC24 November 2006 UPDATE ON APPROACH TO THE BOARD OF APN Dublin/London 24th November 2006: This announcement follows Independent News &Media PLC's ('INM' or the 'Group') (ticker: INWS.I; INWS.L) announcement of 26thOctober last, regarding its approach to the Board of APN News & Media Limited("APN") in respect of a possible leveraged buy-out of APN. INM has today informed APN that the proposed Consortium (comprising INM andcertain private equity associates) has been unable to finalise its own termsthat would have enabled the Consortium to have met its desired timetable,culminating with a formal offer to APN shareholders. As a result, the currentdiscussions between the proposed Consortium members have been terminated at thistime. INM in conjunction with APN will continue to actively examine the manyopportunities in the Australian market with a view to maximising value for allINM shareholders. ENDS. Friday, 24th November 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 | | (Dublin) | (London) | (New York) | | | | | | Tel: +353 1 498 0300 | Tel: +44 207 236 | Tel: +1 212 850 5600 | | | 5619 | | +------------------------+---------------------+-----------------------+ | | | | | 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 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