On Thursday, when Independent Newspapers finally confirmed it was in talks with David Montgomery's Mirror Group about the ownership of the London Independent, Independent Newspapers' share price fell 45p.
That was a telling indication of what the stock market felt about Tony O'Reilly's determination to become a British press magnate.
Dr O'Reilly has made no secret of his admiration for the Independent, and once famously described it as his "finest calling card".
Some of his colleagues in Independent Newspapers believe they would never have been able to acquire the Argus Group in South Africa without the entree part-ownership of the Independent gave them in Johannesburg.
When Independent Newspapers takes full control of the London paper, Dr O'Reilly will be able to place himself at level pegging with other media owners in Britain, several of them peers.
They include his bitter rival Conrad Black, the Canadian owner of the Telegraph group with whom he fell out when both sought to buy Fairfax of Australia (Mr Black won); Lord Rothermere of the Mail and the Labour peer Lord Horricks of the Express (who bought out Lord Stevens).
Whether Dr O'Reilly has his eye on royal baubles is another matter, but he will certainly relish the prospect of playing in the same league as the other press magnates.
The prestige that part-ownership of the newspaper has brought him has not, however, been matched by financial success, with the Independent lurching from crisis to crisis as losses piled on losses.
Since Independent Newspapers and the Mirror rescued the Independent four years ago, they have ploughed almost £90 million sterling into the newspaper, without going even within sight of a profit, never mind a reasonable return on the investment.
In that period, the Independent's circulation has plummeted because of a savage cover price war started by Rupert Murdoch's News International.
This has seen the Monday Times sold for just 10p and the midweek editions for 20p.
Mr Murdoch has increased those prices recently, but the Times still sells for 25p less than the Independent on Monday and by 15p the rest of the week.
Founded 10 years ago as the liberal alternative to the conservative stranglehold of most of the British national press, the Independent has won plenty of admirers for its editorial style and design.
That admiration, however, has never transferred into mass readership, with circulation drifting from the 400,000-plus attained shortly after launch to the current 225,000.
Media analysts in London believe it will require a 300,000plus circulation before the Independent is able to attract the sort of advertising support enjoyed by the Times, Telegraph, Guardian and Financial Times.
"Ego before financial common sense" is how one of Independent's big shareholders has privately described the planned Independent takeover.
But there is no question that Independent Newspapers has huge financial resources to support the recovery of the Independent over the next three to five years.
The group, in which Dr O'Reilly has a 28 per cent stake worth over £300 million, is expected to make profits of over £100 million for 1997, based mainly in its extensive and hugely profitable newspaper operations in Ireland, Australia, New Zealand and South Africa.