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Battle for Australian Newspaper Publisher Is Really About Real Estate

SYDNEY—The bidding war between two U.S. private-equity firms for Australian newspaper company Fairfax Media Ltd. isn’t over the newspapers.

Hellman & Friedman LLC made an offer valuing the company at between 2.8 billion and 2.9 billion Australian dollars (US$2.1 billion and US$2.2 billion), Fairfax said Thursday, following a bid of just under A$2.8 billion from a consortium led by TPG Group.

Fairfax’s papers include some…

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