Ireland's Independent News (IN) has raised its bid for Australian media group APN in what it says is the final offer.
IN, part of a consortium that includes Providence Equity Partners and the Carlyle Group, has upped its offer from AUS $6.10 (£2.54) to AUS $6.20 (£2.58) per share but it is unlikely the takeover bid will rise again.
"The consortium has advised that this price is final," a statement from Australia's fourth-largest media firm read.
Dublin-based IN's offer has been backed by the chairman of the independent committee of the APN board, Ted Harris, who reports that the APN independent committee continued to believe that the company's share price would fall if the scheme was not implemented and no alternative proposal emerges.
"The increased offer, which represents 13.1 times 2006 attributable revenue, provides shareholders with an opportunity to realise an attractive premium over historical trading prices for APN shares," said chairman of the independent committee of the APN board Ted Harris.
He added: "The independent expert, Deloitte Corporate Finance, has determined that the scheme is fair and reasonable and in the best interest of APN shareholders."
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