The Sekunjalo Consortium has made a multi-billion rand bid to buy Independent Newspapers, The Times reported on Tuesday (7 August 2012).<\/p>\n
The consortium had reportedly offered between R2.3 billion and R2.4 billion for the media group.<\/p>\n
The offer was being assessed by the board of the group’s Irish owner, Independent News and Media, and its advisers, Investec and Hawpoint.<\/p>\n
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.<\/p>\n
“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.<\/p>\n
Independent Newspapers publishes The Star, the Pretoria News, the Cape Times, the Daily News, and The Mercury.<\/p>\n
Rival organisations were also reportedly trying to put together bids for the group.<\/p>\n
The Sekunjalo Consortium was led by Sekunjalo Holdings chairman 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.<\/p>\n
Related article<\/strong><\/p>\n Break Independent up: SACP<\/strong><\/a><\/p>\n Independent confirms possible sale: report<\/strong><\/a><\/p>\n The Sunday Times\u2019 bold online move<\/a><\/strong><\/p>\n