Two key shareholders in Australia's APN News & Media Plc. said
Monday they will vote against a 2.8 billion Australian dollar (US$2.3
billion; €1.7 billion) private equity bid led by Irish billionaire Tony
O'Reilly's Independent News & Media Plc, according to an AP report in the International Herald Tribune.

If rejected, the INM-led consortium, which includes The Carlyle Group LP and media specialist Providence Equity Partners, will join a growing list of private equity bidders thwarted by unimpressed Australian shareholders.

In a statement to the Australian Stock Exchange, Sydney-based Perpetual Investments, which has nearly 15 percent of APN shares, said it would to reject INM's A$6.20 (US$5.10; €3.78) a share offer, without giving a reason.

Perpetual fund manager John Sevior said earlier this year that a previous A$6.10 a share offer was inadequate.

Australian Foundation Investment Company fund manager Ross Barker said he will also vote his 1.7 percent stake against the offer, labeling the bid as too low.

Click here to see the whole report, posted on the International Herald Tribune's website.