Midland bid for ‘Buy and Sell’ approved

A High Court judge has approved a bid by Midland Web Printing Ltd for the troubled Buy and Sell magazine on conditions including that the sale is executed by 5pm tomorrow.

Mr Justice Gerard Hogan said yesterday the court would in principle accept the higher bid from Midland.

As he was anxious to ensure "complete fairness" in the process, the judge said he would allow rival bidder Demirca Ltd an opportunity to consider various matters set out in an affidavit of Neil Hughes, provisional liquidator of Buzreel Ltd, publisher of Buy and Sell and owner of the website www.buyandsell.ie

If Demirca Ltd, a subsidiary of Denis O'Brien-owned Communicorp, wants to raise any issue following consideration of that affidavit it must do so at four hours' notice to the other parties and prior to the 5pm deadline tomorrow, he said.

The judge listed the matter for mention today with a view to establishing whether any issue will be raised.

Yesterday’s developments came after Midland objected last week to an application by Mr Hughes for permission from the High Court to sell the company to Demirca.

Midland, which prints Buy and Sell , said it was owed €90,000 by Buzreel, and claimed it had exceeded the bid of Demirca in a sealed tender bidding process.

Next bidder
The court was previously told, when Midland was unable to put up the cash within 24 hours, Mr Hughes turned to the next bidder, Demirca, which then increased its bid and posted all of the money in cash.

Mr Justice Hogan had ruled the fairest thing to do was for the two bidders to submit fresh offers for the business, if they so wished. Very difficult issues had been raised in the case, and he believed both parties should rebid.

He set terms for the bidding process, including that the offers be unconditional and be lodged with the provisional liquidator before 5pm last Monday.

Mr Hughes has been trying to sell the magazine which has not been published since early April, and he received several bids by interested parties. Midland claimed it had an agreement in place to acquire Buy and Sell and wanted to complete that agreement.

Clarifications
Declan Murphy, for Mr Hughes, previously said a proposed sale agreement to Midland had not been concluded after Midland had sought "certain clarifications". Mr Hughes's case was that Midland had not complied within 24 hours with the terms of an agreement of sale for the business, he said.

Andrew Whelan, for Midland, told the court yesterday Midland was prepared to undertake to execute the sale by 5pm tomorrow.