Business

Proposal to raise Rothermeres to take Daily Mail publisher private

FILE PHOTO: A clock face is seen outside the London office of the Daily Mail newspaper in London, England
FILE PHOTO: A clock face is seen outside the London office of the Daily Mail newspaper in London, Britain, April 28, 2018. REUTERS/Toby Melville/File Photo

December 2, 2021

LONDON (Reuters) – The controlling shareholders of the Daily Mail publisher, the Rothermere family, increased the cash component of the offer to buy back other shareholders to 270 pence per share, up 5.9% from their initial bid.

Rothermeres agreed a deal to take the Daily Mail and General Trust (DMGT) private last month after selling the group’s insurance business, Risk Management Solutions and online car seller listing Cazoo, which it partially owns.

On Thursday, the family said the increase request was final and would not increase, and said it had lowered the acceptance threshold to 50%. Rothermeres and their associates control approximately 30% of A stock and all of the common stock of DMGT.

However, major shareholder Majedie Asset Management said the revised offer still fell short of expectations.

“In our opinion, this revised offer published today represents a significant discount to our assessed value of the remaining DMGT businesses,” Majedie said. know in a statement.

Majedie said it owns a 4.5 percent stake in the company, which would make it the fifth-largest investor, according to Refinitiv data.

Shareholders last month were offered 255 pence in cash plus a special dividend of 568 pence and 0.5749 Cazoo shares for each DMGT share.

The special dividend and the proposed final dividend in 2021 are unchanged for the additional offering.

Shareholders have until December 16 to accept.

(Reporting by Paul Sandle and Simon Jessop; Editing by Keith Weir and Mark Potter)

https://www.oann.com/rothermeres-up-offer-to-take-daily-mail-publisher-private/?utm_source=rss&utm_medium=rss&utm_campaign=rothermeres-up-offer-to-take-daily-mail-publisher-private Proposal to raise Rothermeres to take Daily Mail publisher private

Bobby Allyn

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