INM receives approaches for Indy titles while Lebedev sets up Independent holding company

Alexander Lebedev has set up a new holding company named Independent Print Ltd on the same day as INM admits there are a number of parties interested in the Independent titles.

Independent News & Media claims to have received a number of unsolicited approaches for the Independent and Independent on Sunday since it has been in exclusive talks with the Russian billionaire and Evening Standard owner.

The period of exclusive discussions between INM and Lebedev were due to expire last week but were extended until this Friday to “facilitate bringing [the] discussions to a successful conclusion”.

The ailing publishing group is still thought to be in the process of selling the papers to Lebedev despite external interest.

In a statement, INM said: “The company has received a number of unsolicited approaches and general expressions of interest during the ongoing period of exclusivity with Mr Lebedev.”

The Independent owner also denied rumours that a British family has made a generous offer for the two titles, as speculated in the MediaGuardian. “For the avoidance of doubt, INM has not received a formal offer from any such British family.”

It is understood that INM shareholders are keen for the company to finalise a deal with Lebedev by March 24 at the latest, before its financial results are due.

Lebedev hinted today that a deal was close by setting up Independent Print Ltd as a subsidiary of Ledebev Holdings, the master company that holds his 75% share in the Evening Standard.

Evgeny Lebedev has been registered as the company’s director, while Alastair Tulloch has been listed as company secretary.

The Lebedevs went through the same process when buying the London Evening Standard a year ago.