Caledonian may bid for Scotsman
Thursday 10 August 1995
The Scottish newspaper industry was thrown into turmoil last night following the revelation that the Glasgow Herald is considering mounting a bid for its main rival, the Edinburgh-based Scotsman.
Insiders at Caledonian Publishing, owners of the Herald, confirmed that the company has written to Thomson Regional Newspapers, owners of the Scotsman, expressing interest in buying the paper. Thomson Corp of Canada announced the sale of the Scotsman and its other Scottish titles, including Scotland on Sunday and the Aberdeen Press and Journal, last month.
Analysts say Caledonian's bid is "serious" and that a funding package, backed by Robert Fleming, the merchant bank that owns 58 per cent of Caledonian, is in place. Although the Glasgow-based company is likely to face stiff competition from London media organisations, executives are understood to be keen to ensure that the paper remains in Scottish hands.
Caledonian is one of 11 companies believed to be preparing bids for Thomson's Scottish titles. The Mirror Group, publishers of the Glasgow Daily Record, and Associated Newspapers, publishers of the Daily Mail, are understood to be in the running, along with the Dundee-based DC Thomson Corp. and the Falkirk-based Johnston Press.
None has so far confirmed its interest. The only group publicly to declare its hand is a consortium of Tory businessmen led by the Glasgow lawyer Professor Ross Harper. It is not considered a serious contender.
If Caledonian makes a formal bid, it would almost certainly be referred to the Monopolies and Mergers Commission since the company would control all of Scotland's large quality newspapers. Bidders are expected to examine the Scotsman's accounts next week and formal offers are likely to be submitted by the end of September.
Actress sees off speculation about her appearance in an amazing way
The Washington Post editor helped Bob Woodward and Carl Bernstein bring down President Nixon
Children's bookseller wins The Independent's new author search
Board creates magnetic field to achieve lift
- 1 Salisbury ranked seventh-best city in the world to visit in Lonely Planet’s Best in Travel 2015
- 2 Disney announces new female-led film Moana
- 3 Banksy has not been arrested: Internet duped by fake report claiming artist's identity revealed
- 4 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
- 5 Russell Brand threatened with arrest after filming outside Fox News headquarters
Chicago voter tells Obama 'don't touch my girlfriend' – Obama stays super smooth
Oscar Pistorius: The brutal prison life that awaits disgraced athlete
Banksy has not been arrested: Internet duped by fake report claiming artist's identity revealed
Ebola outbreak: Nowhere is safe until virus is contained in Africa, claims the top doctor who beat it in Nigera
Raphael Ravenscroft dead: 'Baker Street' musician who played the most famous saxophone solo for just £27, dies aged 60
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Jose Manuel Barroso warns David Cameron against making 'historic mistake' over immigration reforms
Worst Airports of 2014: Poll names Islamabad airport in Pakistan worst in the world
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...
£20000 - £25000 per annum + OTE £Competitive: SThree: SThree Group and have be...
£23000 per annum + pension and 22 days holiday: Ashdown Group: An established ...