KERRY GROUP TO MAKE A MANDATORY OFFER FOR THE SOUTH CHINA MORNING POST
December 15th 2007 02:18
Malaysian billionaire Robert Kuok’s Kerry Group will make a mandatory offer for the South China Morning Post, Hong Kong’s largest English-language newspaper.
The Financial Times reported that the group has to make the offer, worth about $US300 million, after Kerry Media, an associate, increased its stake in Hong Kong-listed South China Morning Post to 40.4 percent in late November.
Kerry Media in 1993 acquired a 34.9 percent stake in the newspaper company from Rupert Murdoch’s News Corporation for $349m.
South China Morning Post was the world’s most profitable newspaper during most of the 1990s, has a circulation of about 100,000 and its closest rival, The Standard, has become a free newspaper in an effort to increase readership.
Such notices accounted for 20 percent of the South China Morning Post’s revenues, and the bourse’s decision would have a material impact on the paper’s earnings.
- From MediaBlab
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