The richest man in South Africa, Johann Rupert, has made a $226 million offer to buy a company that holds a 40 percent stake in Caxton, which will effectively make him the biggest shareholder in the publishing company.

TechCentral quoted a Sunday Times report saying Rupert offered to buy ElementOne, which holds the largest stake in Caxton and CTP Publishers and Printers, through his company Remgro.

Caxton owns The Citizen and various community newspapers.

Remgro in partnership with Rand Merchant Bank, offered $47 million in cash and the rest in stock — priced at $2.21 a share.

ElementOne told The Citizen newspaper that Rupert’s offer presented a “unique opportunity” to “unlock value”.