In the latest twist to the biggest media takeover battle currently
under way, Fairfax has given a coy response to Crikey’s offer to buy
its two about-to-be-shuttered magazines Shares and Personal Investment.

In this letter (below) sent this morning, Fairfax CEO Fred Hilmer has
attempted to deflect serious discussions over price multiples and
earnings ratios with an opening gambit straight out of the textbook on
corporate mergers and acquisitions strategy.

A spokesman for Crikey said today it was considering its options and
would comment on the Hilmer response after discussions with its
advisors.