Business Services Industry
Powers blasts APN bid.
Australasian Business Intelligence, November, 2001
Nov 8, 2001 (The Australian
ABIX via COMTEX) -- It has been suggested that rumours of an APN News & Media (APN) takeover of John Fairfax Holdings are a diversion. John Fairfax Holdings' chairman, Brian Powers, told shareholders at the company's 7 November 2001 annual general meeting that the rumours were designed to deflect attention away from the inherently unstable nature of APN and its $A800m restructure. Powers suggested APN would be an unsuitable suitor for John Fairfax Holdings and Powers' preference is for the company to remain independent. CEO Fred Hilmer agreed with Powers' sentiments. A resolution designed to protect John Fairfax Holdings from partial takeover offers was withdrawn after receiving only 27 per cent support from shareholders, well short...
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