Dublin-based Independent, private equity partners Carlyle Group and Providence Equity Partners stated that their new offer, which values APN at A$3bn (£1.25bn), was their final bid.
This latest offer is Independent's fourth since October and cannot be raised again once it is declared final under Australian takeover laws.
Independent already owns around 42% of APN. The Australian company publishes more than 120 newspapers in Australia and New Zealand, including the New Zealand Herald, and owns several radio stations.
Shares in APN News were trading at A$6.04 (£2.52) today.
IN&M, which publishes 175 newspaper and magazine titles across the globe, plans to reduce its stake in APN to 35% from 42%, while Carlyle will hold 27.5% and Providence 37.5%.
Australian media laws were altered on April 4, relaxing foreign ownership limits and allowing cross-ownership of different forms of media in the same market. Analysts predict this will trigger a wave of consolidation in the industry.
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