Newsquest confirms P&S takeover talks
Saturday 06 February 1999
Newsquest last night issued a statement confirming its intent after the competition minister, Kim Howells, decided to refer Johnston's proposed acquisition of P&S to the Monopolies and Mergers Commission. Following that decision, Newsquest has asked the Department of Trade and Industry for a similar reference that would allow a Newsquest bid for the group to be considered at the same time.
P&S shares rose 25p to 1,725p yesterday, valuing the company at over pounds 200m.
Sources close to Newsquest insisted last night that the request should not be read to mean the group would definitely make an offer for P&S. "This is a matter of keeping our options open in the event of our making a bid," said a source.
There is little doubt that Newsquest has the firepower to pull the deal off. Although the group is heavily geared, analysts said it had a strong cash flow and an unused bank facility of pounds 150m at its disposal.
Johnston said earlier this week that it would press on with its bid for P&S despite the failure of its tender offer for 10 per cent of the group. Johnston already holds 14.99 per cent.
Charles Villiers, who built up the local newspaper interests of Scottish Radio Holdings, has confirmed he is putting together a bid for the entire group.
P&S said: "We welcome all interest. We do not have anything such as a favoured bidder. There are certainly others out there."
- 1 Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
- 2 Frank Lampard equalises for Manchester City against Chelsea: how the internet reacted
- 3 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 4 Free U2 album: How the most generous giveaway in music history turned PR disaster
Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
Jennifer Lawrence leaked 4Chan sex video branded 'fake' by forum users
Gabrielle Union contacts FBI over nude 4Chan pictures leaked by 'vultures'
Jennifer Lawrence 'naked sex video' will be leaked next, threatens 4Chan celebrity photo hacker
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...