Court approves sale of dormant magazine
THE High Court has approved a buy-up bid by the printers of troubled 'Buy and Sell' magazine on conditions including that the sale is executed by 5pm tomorrow.
Mr Justice Gerard Hogan said yesterday the court would in principle accept the higher bid from Midland Web Print.
Because he was anxious to ensure "complete fairness" in the process, the judge said he would also allow rival bidder Dermica Ltd an opportunity to consider various matters set out in an affidavit of Neil Hughes, provisional liquidator of Buzreel Ltd, publisher of Buy and Sell and owner of the website www.buyandsell.ie
If Dermica, a subsidiary of the Denis O'Brien-owned Communicorp, wants to raise any issue following consideration of that affidavit, it must do so at four hours notice to the other parties and prior to the 5pm deadline on May 1, the judge said.
The judge listed the matter for mention today with a view to establishing whether any issue will be raised.
Yesterday's developments came after Midland objected last week to an application by Mr Hughes for permission from the High Court to sell the company to Dermica.
Midland, which prints 'Buy and Sell', said it was owed €90,000 by Buzreel and claimed it had exceeded the bid of Dermica in a sealed tender bidding process.
The court was previously told, when Midland was unable to put up the cash within 24 hours, Mr Hughes turned to the next bidder, Dermica, which then increased its bid and posted all of the money in cash.
Mr Justice Hogan had ruled the fairest thing to do was for the two bidders to submit fresh offers for the business, if they so wished.
He set terms for the bidding process, including that the offers be unconditional and be lodged with the provisional liquidator before 5pm last Monday.
Mr Hughes has been trying to sell the magazine, which has not been published since early April, and received several interested bids.