#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Fiji Times pens its own 'for sale' story

Friday, July 30, 2010

Fiji Times pens its own 'for sale' story

Expressions of interest for Fiji Times

Sophie Foster
Friday, July 30, 2010

ACCOUNTING firm PricewaterhouseCoopers has called for expressions of interest from parties wanting to acquire News Limited's interest in the Fiji Times.

The EOI statement issued by PWC said "interested parties must be able to provide evidence of their ability to meet the requirements of the Media Industry Development Decree 2010 and demonstrate financial capacity to make this acquisition".

All EOI must provide name and full contact details of the interested party or consortium, their brief corporate profile including details of directors and shareholders as well as their compliance with the media decree, latest audited financial statements, and acceptable bankers references.

It said after evaluation, shortlisted parties would be selected and required to enter into a Confidentiality Agreement, following which they would be issued with an Information Memorandum.

"Shortlisted parties will then be required to lodge indicative non-binding offers and following an assessment of the indicative offers, a limited number of prospective purchasers will be shortlisted and allowed time to conduct their due diligence."

It said PWC and News Ltd reserved the right to accept, reject or negotiate with any party that made a submission.
PWC partner Jenny Seeto is handling the EOI, which closes on Monday August 9.


Anonymous said...

At a rumoured $100 mill US - can't see too many local buyers?

Now if NewsCorp takes Frank to a non Fijian court and obtains a positive verdict - which appears more than likely - what asetts does Fiji hold overseas that will cover this amount?

Looking more and more that somebody hasn't really thought this through?

Anonymous said...

The Fiji Government? Assets?

Well if they haven't sold it by now, like the bunch of crack-addicts that they are, they will be selling off anything they can to fund their irresponsible spending at home.