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Wealthy South African businessman Johann Rupert has made a R2.34 billion offer to buy a company which holds a large stake in Caxton, the Sunday Times reported.
Rupert made the offer to buy ElementOne - which holds a 40 percent stake in Caxton and CTP Publishers and Printers - through his company Remgro.
Among its products, the publishing company owns The Citizen and various community newspaper.
Remgro - partnering with Rand Merchant Bank - offered R475 million in cash and the rest in stock - priced at R22.51 per share.
ElementOne told the newspaper that Rupert's offer presented a "unique opportunity" to "unlock value".