Billionaire Johann Rupert has made a R2.34bn offer to obtain a large stake in Caxton, the Sunday Times reported.
Remgro wants to buy ElementOne, which holds a 40% stake in Caxton and CTP Publishers and Printers.
ElementOne owns The Citizen and various community newspapers.
Remgro, with Rand Merchant Bank, has offered R475m in cash and the balance in stock. The stock is currently priced at R22.51 per share.
ElementOne syas Rupert’s offer presented a “unique opportunity” and would “unlock value”.