Murdoch and Packer withdraw Consolidated Media takeover

The $3 billion plan to take Consolidated Media private becomes the latest casualty of the difficult financing environment.

The A$3.3 billion $3.04 billion buyout offer by second-generation media tycoons Lachlan Murdoch and James Packer for Australia's Consolidated Media Holdings was withdrawn yesterday, becoming the latest casualty of the difficult financing environment.

On January 21 Lachlan Murdoch, via his closely held company Illyria, and Consolidated Press Holdings, the majority shareholder of Consolidated Media, announced a joint proposal to acquire 100% of Consolidated Media. The acquirers were offering a fixed amount of A$4.06 per share in cash plus a variable...

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