BID FOR PAPERS

Press, Volume CXV, Issue 33987, 30 October 1975, Page 19

BID FOR PAPERS

LuU name!* liis terms i\Z P A Reuter—< opurtght l JOHANNESBURG. Oct. 28 Mr Louis Luyt, the South African businessman who made a fortune selling fertiliser, and is regarded as a staunch supporter of the ruling Nationalist Party, has announced the terms of his ! take-over bid for the South African Associated Newpapers group He disclosed his terms at a press conference aftet m- [ tense speculation about the political implications of the move. The S.A.A.N. group m- . eludes the "Cape limes", the “Sunday Times", the "Sunday Express”, the "financial .(Mail" and the "Rand Dailv Mail” — the last, a particu|lar opponent of the nationallists. Asked about this aspect last night Mr Luyt said "I would like the 'Rand Daily Mail’ to come a bit more I right — both politically and (financially.” ( He said that he was bidding four rand (about $5 13) for each of S.A.A.N.'s 1,938,800 issued shares. I his makes his total bid — which he said was being made in a personal capacity — worth 8.724.000 rand (about $9,792,720). [ He added that he was giving the principal shareholders in S.A.A.N. 30 days in which to accept his oiler, after which it would be called off: these are the ABE Bailey Trust and the Argus Company, South Africa’s largest newspaper group.

“If my bid succeeds," he said, “S.A.A.N. will not be aligned with any political party.”