Rupert makes R2.3bn offer for Caxton

Johannesburg - Wealthy South African businessman Johann Rupert has made a R2.34bn offer to buy a company which holds a large stake in Caxton, the Sunday Times reported.

Rupert made the offer to buy ElementOne - which holds a 40% stake in Caxton and CTP Publishers and Printers - through his company Remgro.

Among its products, the publishing company owns The Citizen and various community newspapers.

Remgro - partnering with Rand Merchant Bank - offered R475m in cash and the rest in stock - priced at R22.51 per share.

ElementOne told the newspaper that Rupert's offer presented a "unique opportunity" to "unlock value".