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A proposal by Sir Anthony O'Reilly's Independent News & Media (INM) to buy out Herald publisher APN News & Media is on hold, for the time being, at least.
APN confirmed yesterday that discussions with a consortium - comprising INM and Providence Private Equity - had ended.
The consortium was unable to make a formal offer within its own desired timetable, APN told the Australian Stock Exchange.
Last month INM confirmed it was considering a proposal which would have seen APN delisted from the ASX.
"We will continue to examine opportunities, including further discussions with INM, for the benefit of all APN shareholders," APN said.
INM at present has a 41 per cent stake in APN.
The proposal was one of several corporate plays that emerged before changes to Australian media ownership laws that will become effective next year.
The independent committee was chaired by APN's senior independent director, Ted Harris. The other members of the committee of non-affiliated directors were Sir Wilson Whineray and Kevin Luscombe.
APN shares - which had soared on news of the proposal - fell A20c yesterday to close at A$6.80.
