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FXJ takeover by big mac & others - any thoughts?

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son of baglimit

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Macquarie Bank targets Fairfax
From: AAP
January 25, 2006

NEWSPAPER publisher John Fairfax is the target of a potential takeover by a consortium of bidders, including Macquarie Bank.

Plans were afoot in Europe to put together a consortium to bid for Fairfax in what would be a $3 billion-plus takeover, The Australian newspaper reports.
Advertising industry executive Harold Mitchell said the group was keen to involve the London-based former newspaper executive Doug Flynn, who was reportedly headhunted unsuccessfully last year to take over from former Fairfax chief Fred Hilmer.

Mr Mitchell said a move on Fairfax would require the backing of big financial institutions and newspaper experience.

"I'm sure it's happening," he was quoted as saying.

Macquarie Bank was rumoured to be among the companies interested in forming a takeover consortium.

"Macquarie's got all these people in London just thinking up ideas," Mr Mitchell said.
 
Re: FXJ takeover by big mac & others - any thoughts ?

and this........

NEWSPAPER and internet publisher John Fairfax Holdings is rumoured to be the target of a major bid from a European-based consortium once local media laws are relaxed.

Veteran media industry pundit Harold Mitchell told ABC radio in Sydney yesterday that former News Corp executive and advertising industry guru Doug Flynn had been approached to oversee an offer for Fairfax.

"I heard only late yesterday of some big moves in Europe to assemble a group that would (bid for) Fairfax," Mr Mitchell told ABC Radio. "There's some people who would like to put (Mr Flynn) on a group that would make a big run at Fairfax. I think it's very serious."

Fairfax's head of corporate affairs, Bruce Wolpe, refused to comment on the speculation yesterday. Chairman Ron Walker and new chief executive David Kirk have made it clear in recent months that the publisher wants to expand its business portfolio rather than be swallowed if and when cross and foreign media ownership restriction are scrapped by the Federal Government this year.

Last month, Mr Walker responded to rumours that Macquarie Media Group was also interested in Fairfax by saying they "can look until they're blue in the face, but we're not for sale".

The new speculation failed to make an impression on Fairfax shares yesterday, which edged just 2 ¢ higher to $3.92 yesterday on a volume of just over 2 million shares ”” close to its average for the past year.

Media analysts ”” most of whom of whom have Fairfax shares on a "neutral" or 'hold' investment rating ”” said it was too early to predict which Australian assets would be targeted by overseas investors in the asset carve up.
 
Re: FXJ takeover by big mac & others - any thoughts ?

I for one would hate to see MBL owing FXJ , I am not sure that they would be able to keep editorial independence ( no more bad stories about MAP,MIG in the Financial review ) and since MBL is involved in so many deals here in aus and worldwide I think it is important to have accurate coverage. Wonder if that is not one of the reasons behind this interest I'm quite sure that stories in the past have affected MBL entities.
 
Re: FXJ takeover by big mac & others - any thoughts ?

Hey SOB I just bought in this morning after watching the news last night, was happy just making $400 going short with a grand but holding till tomorrow....you think there might be more in this ?????? An unfriendly take over would be nice to finish the week on.
Looks like they made a good move buying 'trade me' too.
 
Re: FXJ takeover by big mac & others - any thoughts ?

This has a long way to go with senate approval required - any spec surge will see me get out finally - nice profit tho.
 
Re: FXJ takeover by big mac & others - any thoughts ?

The Federal Government has announced a date for its new media laws to come into effect.

Communications Minister Helen Coonan says the new regime will commence next Wednesday.

The legislation to relax the cross-media ownership laws and allow foreigners to purchase Australian media companies passed through Parliament last October.
 
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