THE $3 billion privatisation offer for, APN News & Media, looks unlikely to succeed this week with a key shareholder indicating it will vote against the deal.

Perpetual Trustees reduced its stake in APN from 14.8 per cent to 13.3 per cent earlier this month, still remaining a key player and has indicated to the market it will vote “no” to the proposal.

Another major APN owner, investment group Maple-Brown Abbott which has 7.5 per cent of the stock, is also against the deal.

Commonwealth Bank yesterday revealed it had also become a substantial shareholder in APN with a stake of 5.03 per cent. It is not known how Commonwealth intends to vote.

The Australian newspaper says that the offer is being made by a scheme of arrangement that requires more than 75 per cent of the total number of votes to be cast in favour.

But with two major players against the deal, already 20.8 per cent of shares are against voting “no”.

APN is best known as the owner of half the Australian Radio Network (owner of stations such as MIX FM), a host of regional papers along Australia’s east coast and The New Zealand Herald.