TPG Capital and Ontario Teachers’ Pension Plan have offered $2.76 billion to takeover Fairfax Media and all of its assets.

Shareholders had responded negatively to an initial $2.2 billion offer from the consortium last week, which covered metro mastheads The Australian Financial Review, The Sydney Morning Herald, and The Age as well as property site Domain and Fairfax’s events and digital ventures excluding Stan.

The consortium’s new all-cash offer of $1.20 per share also covers Fairfax’s remaining assets, including a 50% stake in Stan, 54% stake in Macquarie Radio, its portfolio of regional newspapers, and Fairfax NZ.

The Australian Financial Review reported last week that Fairfax Media shareholders were hoping for an offer of between $1.20 and $1.40 per share.

In a statement to the ASX, Fairfax Media said:

“The Fairfax Board of Directors is reviewing the Revised Indicative Proposal. The Fairfax Board notes that there is no certainty that the Revised Indicative Proposal will result in an offer for Fairfax, what the terms of any offer would be, or whether there will be a recommendation by the Fairfax Board.”