Revised bid sends Fairfax to six-year high

May 15, 2017

A revised takeover bid have lifted Fairfax Media shares to their highest level in six years.

Fairfax Media has received a revised $2.76 billion proposal from a consortium led by US-based private equity giant TPG Capital and Canada's Ontario Teachers' Pension Plan Board.

Fairfax said the consortium on Sunday offered an all-cash deal at a price of $1.20 per Fairfax share for all of the media company.

The target company's board is reviewing the revised bid and will update sharehoders when it has been fully assessed, it said.

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