• Road to riches

    Taxpayers keep funding structures with big plans but who knows what efficacy, says Mandi Smallhorne.

  • Don't fall for Ponzi scams

    An expert unpacks the tell-tale signs to watch out for.

  • Inside Labour

    A smokescreen of misleading rhetoric won't make SA's problems go away, says Terry Bell.

Loading...
See More

Bids for Independent News SA fall short

Jan 21 2013 08:55 Reuters
Newspapers

(File) (Shutterstock)

Related Articles

INM confirms sale of SA unit mooted

Multi-billion rand bid for Independent

Independent staff want piece of the pie

Independent confirms sale rumours

Politically-connected bid for Independent

Independent sale decision soon

 

Dublin - Irish publishing group Independent News & Media has received offers of around €150m for its South African unit, about €100m less than the expected price tag, Ireland's Sunday Business Post newspaper reported.

Offers fell below the €250m linked to the sale, but at least two bidders are believed to still be involved in the race to secure the unit, a number of sources in the industry are cited as saying.

The publisher has taken radical steps to restructure in recent years, which include selling its flagship UK title the Independent, in response to high levels of debt and tough trading.

The Sekanjalo consortium led by the philanthropist Iqbal Surve is the frontrunner to secure the unit, but INM is still hopeful of reaching a higher price through a competitive process, according to the newspaper.

The company announced last July that it had appointed advisors to look at a range of options for its South African operations.

INM generates about two-thirds of revenue from local newspapers in Ireland, including the dominant daily and Sunday titles north and south of the border, and the rest from it's South African unit, where it is the leading newspaper publisher.  

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

independent news and media

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

People who fall victim to Ponzi scams are:

Previous results · Suggest a vote

Loading...