Portsmouth on the verge of pounds 190m deal
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.PORTSMOUTH & Sunderland, the media group at the centre of an unwelcome auction, yesterday said talks on a takeover offer, which it is prepared to recommend, had reached an advanced stage, writes Andrew Verity.
Industry sources believe the company is on the verge of announcing a deal which will value its publishing business at around pounds 190m. The announcement could be made as early as next week.
Until now, the group had been expected to wait until after May 20, when the Competition Commission will rule on hostile bid interest from Johnston Press. Johnston offered pounds 16 a share for up to 25 per cent of the group in January.
Two other companies - Newsquest and Newscom - have been forced to declare they have also approached Portsmouth because of Competition Commission rules. Talks are also continuing with other, unnamed parties.
Charles Brims, chief executive, said: "It is a little further down the track now and we will now be able to sell the publishing side of the company. "
The merger has forced the group to sell its chain of 235 neighbourhood convenience stores, called One Stop. T&S stores, a rival chain, yesterday said it had agreed to pay around pounds 66m for P&S's neighbourhood stores. Analysts had expected just pounds 50m from the deal. Portsmouth shares were unchanged at 1950p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments