ONE of the biggest institutional shareholders in New Zealand media group Wilson & Horton has said that it would be reluctant to sell its shares for the NZ$10.50 (£4.58) per share offered by Independent Newspapers.
Analysts in New Zealand have said that Independent may have to increase its bid to between NZ$11 and NZ$12 if it is to be successful.
According to a report in the New Zealand Herald W&H's own flagship title in Auckland Sun Alliance is adamant that it will not sell at the Independent offer price. Sun Alliance manger, Mr Darryl Rowell described W&H as a very good long term investment in a market where there are few local bluechip stocks.
Around 20 per cent of W&H shares are held by institutional investors, with 25 per cent held by small investors. Independent already has an indirect 22.6 per cent stake in W&H through the Independent Press joint venture with Kelsal, the O'Reilly family trust.
Meanwhile, the chief executive of Independent's Australian offshoot APN Mr Cameron O'Reilly has said that APN was still interested in becoming part of any bid for Australian newspaper publisher John Fairfax. Five years ago, APN was part of a consortium that lost out in a bidding battle for Fairfax to a rival consortium headed by Canadian publisher Conrad Black.
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