SCOTTISH MEDIA group Johnston Press yesterday pulled the plug on the sale of its 13 Irish regional newspapers after failing to receive a sufficiently high bid.
“The board confirms today that the sale process being conducted to dispose of the Republic of Ireland titles has now been terminated,” Johnston Press said.
“While there was considerable interest shown from both trade and financial buyers, the board decided that it was not at a sufficiently high price to be in the company’s best interest.”
It is understood businessman Richard Findlay, who led Scottish Radio Holdings when it owned newspaper and radio assets in Ireland, tabled the highest bid for the Irish papers.
Mr Findlay, who was advised by AIB Corporate Finance, is believed to have offered between €30 million and €35 million for the titles, which include the Kilkenny People, the Limerick Leaderand the Leinster Leader.
Johnston Press, which is heavily indebted, paid €260 million to acquire the Irish titles over the past four years. It was believed to want up to €80 million from the sale of the Irish papers.
Two other bids were shortlisted including one from a group led by accountant John McStay, a former owner of the Leinster Leadergroup, which was sold to Johnston Press in 2005 for €138.5 million.
An offer from a group headed by retired accountant Joe Hayes, a former managing director of the Kilkenny Peopleand two Tipperary titles before Johnston Press took control of them, was backed by private clients of Goodbody Stockbrokers and it was advised by Eugene Magee, a Gaelic games pundit and former owner of the Longford Leader, one of the titles being sold by Johnston Press.
