The Sekunjalo Consortium has made a multi-billion
rand bid to buy Independent Newspapers, The Times reported on Tuesday.
The consortium had reportedly offered between R2.3 billion and R2.4bn
for the media group.
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, the Pretoria News, the Cape
Times, 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 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.
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