In an unexpected and late development to the takeover saga of Home Counties Newspapers, the company’s ruling shareholders today agreed to sell the local publisher to Eastern Counties Newspapers.
Although Eastern’s bid of £58.3 million is just short of the £59 million offer which Southnews announced yesterday (subscribers see Southnews Launches £59m Home Counties Bid), Home Counties claimed that it already had strong ties with Eastern and therefore accepted its offer.
In December last year, a takeover bid of £52 million from Johnston Press was accepted by Home Counties (subscribers see Johnston Makes £52m Offer For Home Counties); this was referred to the Monopolies and Mergers Commission in February this year and was therefore stalled.
The combined Home Counties and Eastern Counties combined newspaper group will publish over 70 newspapers throughout the UK.
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