National Property Portfolio on Auction

National Property Portfolio on Auction
Loading

Offers for INM’s SA unit fall short

January 21 2013 at 08:00am

Comment on this story

Irish publishing group Independent News & Media (INM) had received offers of about e150 million (R1.7 billion) for its South African unit, about e100m less than the expected price tag, Ireland’s Sunday Business Post reported yesterday.

Offers fell below the e250m linked to the sale, but at least two bidders were believed to still be involved in the race to secure the unit, which publishes Business Report, a number of sources in the industry were cited as saying.

The publisher has taken radical steps to restructure in recent years, which have included selling its flagship UK title The Independent, in response to high levels of debt.

The Sekunjalo consortium is the frontrunner to secure the unit, but INM is hopeful of reaching a higher price through a competitive process, according to the newspaper. – Reuters


sign up
 
 

Comment Guidelines


  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

 IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks
IOL Travel

Make sure you find the best available airfares with our easy-to-use search engine.

Travel_pic_enw
Sudoku