Australian publisher rejects INM bid
An Independent News & Media (INM) takeover bid for Australian publisher APN and valued at €1.8bn has been rejected by the company's shareholders.
APN publishes more than 120 newspapers in Australia and New Zealand and is the regions third largest media group.
The INM offer was rejected by the shareholders an annual general meeting in Sydney.
The company said only 51% of shareholders voted in favour of the takeover offer, well below the 75% needed for the bid to succeed.
