Johnston Press in takeover speculation

REGIONAL newspaper owner, Johnston Press declined to comment on speculation that it may be a takeover target as its shares surged by 20.26% yesterday.

Malaysian media-focused investment firm, Usaha Tegas, is believed to have Johnston in its sights.

Johnston is currently in the midst of a rights issue, aimed at raising nearly €270 million that will go towards reducing its debt and strengthening its balance sheet.