Billion rand bid for Independent Newspapers

2012-08-07 10:18

The Sekunjalo Consortium has made a multibillion-rand bid to buy Independent Newspapers, according to a report.

The consortium had reportedly offered between R2.3 billion and R2.4 billion for the media group, The Times reported today.

The offer was being assessed by the board of the group’s Irish owner, Independent News and Media, and its advisers, Investec and Hawpoint.

An unnamed source close to the Irish company told The Times the offer had been underwritten by an investment bank.

It was valid for 60 days.

“It is a very firm and fair offer in terms of pricing. It will be hard for any one bidder to match this,” the source said.

Independent Newspapers publishes The Star, Pretoria News, Cape Times, Cape Argus, the Daily News and The Mercury.

Rival organisations were also reportedly trying to put together bids for the group.

The Sekunjalo Consortium was led by Sekunjalo Holdings chairperson Iqbal Surve, and included two unions, a Canadian billionaire, and a Silicon Valley billionaire as advisers.

It was believed to be funded by the Qatari Royal Fund.

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