Herald float aborted
Sunday 07 May 1995
Although the Herald, headed by Liam Kane, operates on the fringes of the main newspaper battleground, the price war has depressed circulation. A float has consequently been postponed for at least two years.
In the meantime, a trade sale seems the most likely solution if the management team decides a long wait for their rewards is too risky. One option that has been discussed is a sale to Midland Independent Newspapers, owners of the Birmingham Post, which set off a year ahead of the Herald group down the buyout route and successfully floated last year before the price war.
But there are doubts about how the citizens of Glasgow would react to the sale of their favourite reading matter to an English group whose chairman is Sir Norman Fowler, a former chairman of the Tory Party.
Midland Independent Newspapers' shares are also below their peak, and there is some doubt whether the Herald shareholders would be happy with a share-based offer from MIN or whether MIN could afford a cash sweetener.
A more likely option would be a bid from Associated Newspapers, which already has a contract to print the Scottish edition of the Daily Mail on Herald presses. Possible rivals believe that could give Associated Newspapers a valuable inside track on the Herald's finances should interested parties be invited to submit sealed bids.
But Associated could also fall foul of anti-government feeling in Scotland, because of its traditional support for the Conservative Party. Pearson, owner of the Financial Times, would be the preferred buyer.
- 1 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 2 Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
- 3 Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
- 4 Kanye West stops concert after two fans don't stand up - doesn't realise one is in wheelchair and the other disabled
- 5 QS university world rankings: Imperial College London leapfrogs Oxford to join Cambridge as best British university
Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: Police will be on high alert on Friday whatever the result
QS university world rankings: Imperial College London leapfrogs Oxford to join Cambridge as best British university
Scottish independence exclusive: Millions of banknotes sent to Scotland in case Yes vote sparks run on ATMs
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
Portuguese academic says British are 'filthy, violent and drunk'
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
iJobs Money & Business
£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...
£20 - 24k + Benefits: Guru Careers: This is a great opportunity for an enthusi...
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...