Fairfax Media, publisher of the Dominion Post and other New Zealand mast heads, will stick with its decision float its business, after interest from US private equity firms appears to have faded.
The company will remain in the hands of shareholders. Greg Hywood, chief executive at Fairfax, said the company will continue with its float plans, adding that the company had to take the unsolicited bids from private equity seriously.
Fairfax said its directors believes the company has an attractive future and throughout the process, of talking with private equity, continued to pursue its standalone business plans. The company expects overall revenues to fall six per cent.
Nick Falloon, Fairfax chair, said, “The Fairfax board believes the company is well positioned to continue to deliver substantial returns for shareholders into the medium and long-term future.
“Fairfax’s digital businesses are growing strongly and we have established plans for our traditional media businesses. With media reform expected later this year, Fairfax will actively look to maximise value given the strategically important businesses we own.”
