APN News & Media (owners of the Australian Radio Network) says its major shareholder, Irish media company Independent News & Media, has received approaches from several parties regarding its 39 per cent stake in the company.
INM, led by chief executive Sir Tony O'Reilly, said it wanted APN to be involved in its strategic review of its holding, to ensure that the outcome is in the best interests of APN's shareholders.
"APN welcomes this approach," the Sydney-based publisher said.
APN, which publishes The New Zealand Herald as well as 24 daily and over 100 non-daily newspapers across Australia and New Zealand, said the review "may or may not result in the sale of part or all of INM's interest in APN".
The company also owns 50 per cent of Australian Radio Network and The Radio Network in New Zealand.
APN said it had appointed ABN Amro to advise on the review.
Tony O'Reilly's Independent to sell ARN stake
Sunday, November 2, 2008 | Labels: Radionews |
APN News & Media (owners of the Australian Radio Network) says its major shareholder, Irish media company Independent News & Media, has received approaches from several parties regarding its 39 per cent stake in the company.
INM, led by chief executive Sir Tony O'Reilly, said it wanted APN to be involved in its strategic review of its holding, to ensure that the outcome is in the best interests of APN's shareholders.
"APN welcomes this approach," the Sydney-based publisher said.
APN, which publishes The New Zealand Herald as well as 24 daily and over 100 non-daily newspapers across Australia and New Zealand, said the review "may or may not result in the sale of part or all of INM's interest in APN".
The company also owns 50 per cent of Australian Radio Network and The Radio Network in New Zealand.
APN said it had appointed ABN Amro to advise on the review.
INM, led by chief executive Sir Tony O'Reilly, said it wanted APN to be involved in its strategic review of its holding, to ensure that the outcome is in the best interests of APN's shareholders.
"APN welcomes this approach," the Sydney-based publisher said.
APN, which publishes The New Zealand Herald as well as 24 daily and over 100 non-daily newspapers across Australia and New Zealand, said the review "may or may not result in the sale of part or all of INM's interest in APN".
The company also owns 50 per cent of Australian Radio Network and The Radio Network in New Zealand.
APN said it had appointed ABN Amro to advise on the review.
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