The battle for Fairfax is heating up, with AFR reporting that the chairman of San-Francisco based private equity firm Hellman & Friedman has been spearheading talks with the publisher’s management team.
Fairfax recently announced that Hellman & Friedman submitted a proposal for the publisher in a bid ranging from between $1.225 to $1.25 per share, compared with the TPG consortium proposal of $1.20.
AFR’s Street Talk has revealed that Hellman & Friedman chair Brian Powers had dinner last Wednesday night at Rockpool with Fairfax chair Nick Falloon, chief executive Greg Hywood, and general counsel Gail Hambly.
It also reports that Powers met with the boss of Fairfax’s real estate publishing arm Anthony Catalano, whose division (Domain) it explains as being the “jewel in the Fairfax crown.”
Earlier this year Fairfax announced it will spin off Domain, retaining 60-70 per cent of the company. A company statement read: “during the due diligence period Fairfax intends to continue progressing the announced potential separation of Domain Group.”