THE FUTURE of the Independent newspaper should become clearer this
week as potential bidders jostle to become the preferred choice of its
owner, Newspaper Publishing, and its shareholders.
The situation remains confused but there is believed to be only one
definite offer on the table, from the Irish Independent Newspapers group
which is headed by Tony O'Reilly, whose main job is chairman of H.J.
Heinz, the US food group.
He is believed to have offered to buy just under 30%, leaving the
existing 36% stake held by the Italian and Spanish newspapers, La
Repubblica and El Pais, in place.
Mirror Group Newspapers is the other main contender and is believed to
be the one favoured by the Independent's principal founder, Andreas
Whittam Smith.
Its deal is thought to involve buying out the institutional holders,
which have just over half the equity, and cost-cutting through joint
printing and distribution. The institutions include Standard Life and
Prudential and they are believed to want to get out.
The Telegraph group is also said to have been interested but it would
be likely to run into monopoly problems, given the positions the
Telegraph and the Independent hold in the market.
All bids involving newspapers are automatically referred by the Office
of Fair Trading to the Monopolies and Mergers Commission, unless the
newspaper subject to an offer is in financial difficulty, which could be
the Independent's position.
In any case, there would be few if any monopoly considerations if
either Mirror Group or Independent Newspapers assumed effective control.
The Independent and Independent on Sunday's circulations have been
sliding.
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