Shares in regional publisher APN went into a trading halt this morning at the company’s request until Wednesday to allow the company to do a deal involving its NZ print business.
APN has been looking to get rid of its Kiwi newspaper and printing involvement since 2014, but it has, for various reasons, been unable to complete any transaction. “[T]he trading halt is requested pending the release of an announcement concerning a potential material transaction by APN in relation to APN’s New Zealand business, NZME,” APN told the ASX today.
The company already has put its 16 Australian regional dailies on the market with a suggested price of $50 million to $60 million. If a deal is done, it would mean the company is rapidly heading for the day when it will just consist of its Australian and NZ radio interests and associated businesses.
News Corp Australia owns 14.9% of APN’s shares purchased around 75 cents a share. APN shares traded at 63 cents at the close last Friday.
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