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 What happens to your body when you give up sugar?
- 2 Drugs Live cannabis trial: Hash is less harmful than any other drug, expert claims
- 3 Have sex with your iPad thanks to the new sex toy no-one asked for
- 4 African jawbone discovery pushes birth of humanity back by 400,000 years
- 5 The 'sex selfie stick' lets you FaceTime the inside of a vagina
Out-of-touch MPs ‘don’t get it’, says ex-Civil Service chief
George Clooney and Amal fail to get special treatment at New York restaurant
'A girl is more responsible for rape than a boy': The statement that shocked the world... except India
African jawbone discovery pushes birth of humanity back by 400,000 years
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
iJobs Money & Business
£8 per hour: Recruitment Genius: This Pension Specialist was established early...
£30 - 35k + Bonus & Benefits: Guru Careers: We are seeking an Executive Assist...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...