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Offers for INM’s SA unit fall short

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

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