Wealthy South African businessman Johann Rupert has made a R2,3bn offer to buy a company which holds a large stake in Caxton, the Sunday Times reported.
Rupert made the offer to buy ElementOne, which holds a 40% stake in Caxton and CTP Publishers and Printers, through his company Remgro.
Among its products, the publishing company owns The Citizen and various community newspaper.
Remgro, partnering with Rand Merchant Bank, offered R475m in cash and the rest in stock — priced at R22,51/share.
ElementOne told the newspaper that Rupert’s offer presented a “unique opportunity” to “unlock value”. — Sapa
