A conglomerate that includes the Irish-owned Independent News and Media (INM) has revived a bid for APN News & Media.

INM already owns a 40 per cent stake in APN and had previously made a bid to buy out the media network, which owns several newspapers and radio stations throughout the Australasian region.

It has now teamed up with private equity firms Providence Equity and The Carlyle Group to offer A$6.05 (£2.39) per APN share. The previous bid by INM and Providence Equity, which was rejected by the company, is said to have been valued at A$6.02 (£2.38) per share.

APN shares closed on the market at A$6.15 (£2.43) a share yesterday.

Commenting on the bid, APN sub-committee chairman Ted Harris said: “The proposal will now be considered by the committee, which will decide whether it is in the best interests of all shareholders, and make a recommendation as quickly as possible.”

If the bid is accepted, the buyout will increase INM’s media reach throughout the Australasian region. APN runs 23 daily and over 100 other publications in Australia and New Zealand. Its radio network includes 12 Australian radio stations and 120 radio stations in New Zealand.

INM’s titles cover the UK, Australia, India, Australia and New Zealand.