Australian media group APN has ended talks with Independent News & Media on a proposed buy-out, though it left the door open for more talks in the future.
INM, which already owns 40% of APN, made an approach last month to take APN private along with a team including private equity firm Providence.
APN said the group had failed to make a formal offer within its own timetable. Shares in APN, which owns media assets in Australia and New Zealand, fell by as much as 9% after its statement.
