Denis O'Brien subsidiary acquires 'Buy and Sell'
Published 06/06/2014 | 02:30
THE troubled 'Buy and Sell' magazine has been acquired for an undisclosed sum by a subsidiary of Communicorp.
The sale to Demirca Ltd came after the Supreme Court set aside a High Court decision conditionally permitting a liquidator to accept a higher offer from a rival bidder, Midland Web Printing Ltd, for the magazine, and ordered that fresh bids be submitted.
Bernard Dunleavy, for Neil Hughes, provisional liquidator of Buzreel Ltd, publisher of 'Buy and Sell' and owner of the website www.buyandsell.ie, told the Supreme Court yesterday that Demirca Ltd had tendered the highest bid for the publication.
Counsel said that Demirca, part of businessman Denis O'Brien-controlled Communicorp, had signed a contract confirming its acquisition of the publication. Mr O'Brien is a shareholder in Independent News & Media (INM), which publishes this newspaper.
While the amounts tendered are understood to be confidential, Mr Justice Frank Clarke said that there was a " very significant difference" between the winning bid and its rivals.
Mr Hughes had been trying to sell the magazine, which has not been published since early April. Midland claimed it had an agreement in place to acquire 'Buy and Sell' and wanted to complete that agreement.