{"id":30261,"date":"2013-01-21T13:59:49","date_gmt":"2013-01-21T11:59:49","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=30261"},"modified":"2013-01-21T20:34:13","modified_gmt":"2013-01-21T18:34:13","slug":"bids-for-sa-media-arm-short-by-r1-82-billion","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/30261\/bids-for-sa-media-arm-short-by-r1-82-billion\/","title":{"rendered":"Bids for SA media arm short by R1.18 billion"},"content":{"rendered":"

The Independent News and Media (INM<\/a>) group is struggling to offload its South African arm<\/a> which includes online news portal, iol.co.za, and print titles including The Star, The Mercury, and the Cape Times.<\/p>\n

Citing Ireland’s Sunday Business Post newspaper, Reuters reported that INM has received offers of around 150 million euros (R1.77 billion) for its South African unit – approximately 100 million euros (R1.18 billion) lower than the asking price.<\/p>\n

In July last year, INM confirmed that it had appointed financial advisors, Investec<\/a> and Hawkpoint<\/a>, to investigate a possible sale.<\/p>\n

While offers have reportedly fallen well short, at least two bidders are still keen to secure the unit, a number of sources in the industry are cited as saying.<\/p>\n

In July, the Financial Times reported that Cyril Ramaphosa<\/a>\u2019s \u00a0Shanduka Group<\/a> and Iqbal Surv\u00e9<\/a>\u2019s JSE-listed entity, Sekunjalo Investments<\/a>, were likely buyers of the titles. The latter was thought to be the front runner.<\/p>\n

Media reports have also suggested that the Gupta family, which owns The New Age newspaper, had also expressed an interest in purchasing INM South Africa.<\/p>\n

Ramaphosa, who was elected to the position of ANC deputy president at the ANC\u2019s 53rd National Conference in Mangaung in November, is in the processes of reviewing his interests in business.<\/p>\n

More on INM<\/h3>\n

Break Independent up: SACP<\/strong><\/a><\/p>\n

Ramaphosa to review business interests<\/strong><\/a><\/p>\n

Independent sues Noseweek for corruption claims<\/strong><\/a><\/p>\n

The billion rand bid for Independent<\/a><\/strong><\/p>\n

Independent confirms possible sale: report<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Independent News and Media (INM) group is struggling to offload its South African arm which includes online news portal, iol.co.za.<\/p>\n","protected":false},"author":10,"featured_media":12511,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9882,1],"tags":[1875,3523,1293,26,3521,5026,1604,5027,5028,4715,3526,3524],"class_list":["post-30261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-internet","category-trending","tag-anc","tag-cape-times","tag-cyril-ramaphosa","tag-headline","tag-inm","tag-iol-co-za","tag-media-1","tag-mercury","tag-sekunjalo-investments","tag-shanduka-group","tag-the-new-age","tag-the-star"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/30261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=30261"}],"version-history":[{"count":8,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/30261\/revisions"}],"predecessor-version":[{"id":30287,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/30261\/revisions\/30287"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/12511"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=30261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=30261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=30261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}