Several interested in ‘Times’

Press, 31 December 1980, Page 6

Several interested in ‘Times’

NZPA London With onlv 24 hours left for potential buyers of Times Newspapers to submit their bids before the deadline of December 31 set by Thomson British Holdings, the parent company, it became known yesterday that talks had begun with several interested groups. Thomson British Holdings yesterday rejected as “pure sneculation” recent reports that only one firm bid had been received, but neither : the company nor S. G. Wariburg. the merchant bank handling the sale, would give details of discussions. “The Times” will cease to be supported by Thomson on March 14, its three supplements on March 13 and the “Sunday Times” on March 8. The newspapers will be closed unless a buyer or buyers can be found sufficiently before those dates to continue production. Despite intense speculation, in the course of which; several names have been mentioned as possible buyers of one. some or all of the titles, Thomson and Warburg are maintaining strict secrecy and do not expect to make any announcement until well into next month. The information memorandum prepared by Warburg and sent to groups identified by them as potentially serious bidders has been circulating for about five weeks. Of the groups expressing interest, understood to number about 30, about a third were given copies under conditions of strict confidentiality, intended to be binding on both sides. The feeling among those concerned with the sale is that disclosure of the names of possible buyers would impose unacceptable pressure on negotiations. It is clear that if a serious potential purchaser appeared I after the deadline tomorrow: (N.Z. time), he would not be! turned away. The date was chosen to allow time for negotiation of a sale and to permit the buyer to make take-over ar-l rangements, which would have to include talks with; trade unions. Several recipients of the: memorandum have come back to Warburg with requests for further information. “The Times” this year will lose $37 million and the i “Sunday Times” will break even. The 4200 staff of Times Newspapers are under notice , of dismissal, which will take effect in nearly all cases by March 31. The “Guardian,” which ‘ prints its London editions with its staff on the com- ; pany’s machines, has been • given three years’ notice of I termination of its contract ; agreement, to expire in Noivember 1983.