Hellman & Friedman did not meet bid deadline for Australia’s Fairfax Media, says source: Reuters

San Francisco-based private equity firm Hellman & Friedman did not lodge a bid for Australia’s Fairfax Media before a Friday deadline, a source with direct knowledge of the matter told Reuters.

Fairfax, Australia’s oldest newspaper publisher, is subject to a bidding war between Hellman & Friedman and TPG Capital. Fairfax shares tumbled more than 8 percent towards the market close. A Fairfax spokesman was not immediately reachable for a comment.

Hellman & Friedman declined to immediately comment.