Independent eyes NZ takeover
Tuesday 17 September 1996
Wilson & Horton runs the New Zealand Daily Herald, the country's most popular newspaper with a daily circulation of 260,000 copies and runs several magazines. Independent Newspapers gained effective control of 45 per cent of Wilson & Horton a year ago though a subsidiary company, Independent Press Communications (IPCL).
The bid, which had been widely rumoured, follows Dr O'Reilly's failed attempt along with Mirror Group to take over Westminster Press, the regional newspaper interests of the media congolmerate Pearson. Westminster went under the hammer in July for pounds 305m to Newsquest, the regional publishing group.
The latest cash offer values Wilson & Horton shares at NZ$10.50 (pounds 4.67), with a paper alternative in the form of IPCL preference shares which would then be listed on the New Zealand stock exchange. It would be funded partly by a IRpounds 400m borrowing facility which has been arranged. Earlier this year Independent raised IRpounds 106 from shareholders in a rights issue.
About one-fifth of the remaining 55 per cent of the shares not already owned by IPCL are held by New Zealand institutions, with most of the rest in the hands of private investors. Wilson & Horton shareholders have until 8 November to approve the deal.
- 1 Caitlyn Jenner car crash: Driver who died in collision sued by surviving passengers for $18.5m
- 3 Watch the Supermoon live: How to see the brightest Moon of the year tonight
- 5 The 20 toughest job interview questions in the world
Caitlyn Jenner car crash: Driver who died in collision sued by surviving passengers for $18.5m
Pictures show young Palestinian girl biting Israeli soldier trying to detain boy during West Bank protests
Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
Watch the Supermoon live: How to see the brightest Moon of the year tonight
Hulk Hogan wants to be Donald Trump's running mate in the US Presidential election
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Stock up on canned food for stock market crash, warns former Gordon Brown adviser
Labour leadership: Jeremy Corbyn voters most likely to believe 'world is controlled by a secretive elite'
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...