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Sekunjalo Makes Bid for Independent Unit, Business Report Says

Aug. 8 (Bloomberg) -- A group led by Sekunjalo Investments Ltd. Chairman Iqbal Surve made a 2.4 billion-rand ($294 million) bid for Independent News & Media Plc’s South African unit, Business Report said, citing a person familiar with the talks.

Surve declined to confirm the offer, which was said to be underwritten by a global investment bank, the Johannesburg-based newspaper reported.

Independent News & Media is in talks with lenders over a possible debt refinance and will make an announcement on its local unit within a month, Business Report said.

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net

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