Regional Independent Media has rejected a second bid offer from rival Gannett. Venture capital firm Candover, which owns 50% of RIM, is understood to have been approached by the group with a consortium bid.
Under the terms of the offer, the assets of RIM, which include the flagship Yorkshire Post, would be divided between Johnston Press, Guardian Media Group and Gannett, whose UK subsidiary is Newsquest. Bid proposals from all three groups were cleared by the Competition Commission last year (see Byers Clears RIM Bid Proposals).
An earlier bid by Gannett was rejected as too low and RIM is also believed to be against a consortium bid. Analysts have valued the business between £600-650m.
There is still a possibility that the company may float rather than be sold to another group. RIM publishes 101 titles and is owned by Candover, Alpinvest and Goldman Sachs.
There was no-one available for comment at RIM today.
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