Independent News and Media is considering selling its stake in APN News & Media.
The Irish media company says it has received a number of unsolicited expressions of interest in its 39% holding.
After four attempts at buying APN, Independent News & Media looks intent on bowing out.
Last year, APN shareholders rejected a $NZ3.4 billion offer for the company, from a consortium led by INM.
It now appears that was its final attempt to buy APN, which publishes The New Zealand Herald and the Listener and radio stations including Newstalk ZB.
INM now says it's in the best interests of its shareholders to consider selling its significant shareholding.
It says APN's shareprice does not reflect the company's underlying value.
INM also says the underlying value is not reflected in its own share price, due to the fact it does not fully control APN's cash flows.
Following a sale of APN, INM expects its net debt would fall from about 1.4 billion euros to under 600 million euros.
