Johncom says no binding Koni offer

NEWSWATCH: Johncom yesterday, Monday, 5 November 2007, stated that it had not received a binding offer from Koni Media, according to IOL. Meanwhile, writes Business Report, the second largest majority holder in Johncom, Coronation Fund Managers, said that it would consider selling off its 15% stake if the price were right – giving the Mvelaphanda Group the opportunity to increase its stake in Opco and prevent a Koni takeover, according to analysts.

Predictably, the Democratic Alliance (DA) and the South African Communist Party are strongly opposing the takeover bid, reports the Mail & Guardian Online: “The Democratic Alliance (DA) said arguments that those involved in the takeover bid were not fronting for the government were ‘unpersuasive'.

For those of you who need a quick refresher on who owns what in the South African newspaper and media industry, Business Report has a concise article on the major media players.

For more:

The Times: No binding offer yet
IOL: No binding offer from Koni, says Johncom
Business Report: Coronation would sell 15% Johncom stake at right price
Mail & Guardian Online: Opposition slams Johncom takeover bid
Business Report: South Africa's media sector: its history and major players

More by Simone Puterman

Wishing Madiba happy birthday in oh-so-many ways - 17 Jul 2008
Vodacom simplifies mobile Internet, buys into Zoopy - 26 Jun 2008
Buckland, Maher to leave M&G Online - 24 Jun 2008
Aggregrating online coverage of xenophobic attacks - 22 May 2008
Three Webby Awards for M&G Online - 9 Apr 2008

More...

ABOUT THE AUTHOR

Simone Puterman is assisant editor at Bizcommunity.com. After majoring in Psychology and Linguistics at Rhodes University, and then completing her Honours in Psychology, she has been in the world of B2B publishing for over 10 years. Contact her at simone@bizcommunity.com. Follow her on Twitter as @SimoneBiz.

Companies in the news:

More by Simone Puterman

ABOUT THE AUTHOR