Fairfax to proceed with Domain listing as TPG Capital and Hellman & Friedman pull out
Fairfax Media will spin off Domain as a separate entity on the Australian Securities Exchange, confirming it had not received a binding offer from equity houses TPG Capital and Hellman & Friedman.
The news comes after TPG Capital – which kicked off the bidding for the media company at almost $2.5bn – had decided not to proceed after looking at the state of Fairfax’s books.
So Domain is not so attractive? Seems very curious that TPG dropped the idea cold after having such a close contact with the CEO. News reports suggest there are issues shareholders must be concerned about. Notably the accounting for real estate agent incentives and revenue linked to non-Domain product.
Won’t be fun trying to sell Investors on the Domain”float”.
Domain clearly is not what it’s cracked up to be. I”ll be asking a lot of questions about what these guys found and why they walked. I smell a rodent.