The chairman of the company being used by Independent Newspapers for its bid for New Zealand newspaper group, Wilson & Horton, has hinted that Independent's offer price of NZ$10.50 (£4.58) a share would not be increased.

Mr Michael Small said: "I know with absolute certainty that no one on the board of my company or on the special purpose committee to whom I have talked on this... sees the slightest reason for thinking the price is anything other than the top price.

"No one has actually sat down and said formally, let us decide never to raise it, but I can tell you what amounts to the same thing. None of them see the slightest reason to move it," he said.

Wilson & Horton shares closed at NZ$10.65, but this includes a NZ$0.15 dividend and in reality represents no increase on the Independent offer price.