O’Reilly aiming for all of APN?

And an update on the item below…

A report in the Australian says Sir Anthony O’Reilly’s Independent News & Media is aiming to take 100 per cent ownership of APN News & Media. APN owns, the New Zealand Herald, and other media businesses in New Zealand and Australia. And INM owns 41 per cent of APN.

The Australian says:

INM is believed to have teamed up with private equity firms to bid for the outstanding shares in APN in a deal worth $3.8 billion. It is understood INM presented directors with a bid about  $6.00 a share, a sharp premium to yesterday’s $5.49 a share closing price.

The prices mentioned are Australian dollars.