Fairfax is set to spin off Domain as a separate entity on the ASX, confirming that they had not received binding offers from either TPG Capital or Hellman & Friedman.
TPG originally made a bid for Fairfax in May, initially offering 95 cents a share and increasing it to $1.20.
Hellman & Friedman soon followed with an offer valued at between $1.225 and $1.25 a share, valuing Fairfax at up to $2.87 billion.
In an ASX announcement yesterday Fairfax say they will now follow their previously stated timeline of spinning off Domain by the end of 2017.
Fairfax Chief Executive Officer Greg Hywood said: “We are making excellent progress with preparations and have progressed all of the necessary regulatory approvals to meet our timetable for completion by the end of 2017. We will provide a complete update at our full-year results.”
Fairfax overall revenues are around 6% below last year. Domain is the only segment to report an increase in revenue, with a 10% rise and its total digital business up 22%. Metro Media dropped by 12%, Australian Community Media is down 11% and Macquarie Media fell by 5%.
Fairfax will report full year results on the 16 August 2017.
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