Rothermere sweetens bid to take Daily Mail publisher private

Date:

Sir Rosamia bids £ 35 million on the Daily Mail and General Trust to secure support from shareholders complaining that they are trying to buy the UK’s best-selling daily publisher too cheaply. I pulled it up.

But within hours of increasing offers, one of DMGT’s largest investors warned against plans to delist media companies after 90 years of operation on the stock market.

Majedi Asset Management, which holds a 4.5% stake, said it “strongly urges” other shareholders not to accept the improved proposals made through the family investment vehicle of Viscount Rothermere Jonathan Harmsworth. rice field.

A family member, a descendant of the founder of the Daily Mail and the company’s controlling shareholder, said Thursday that the offer price increase (255p to 270p per share) was “final” and “not.” .. The DMGT said Independent Directors consider this condition to be “fair and rational.”

With the exception of dividends, families are exercising options to adjust the required thresholds for shareholder voting to drive transactions that give the company £ 858 of corporate value.

Under the updated terms, Viscount Rothermere only needs to secure 50% support to exclude the DMGT. Investors who do not want to sell will be offered the resulting shares of a private company. This admits that some fund managers are reluctant or unacceptable.

Shareholders with a total stake of nearly 42% support the deal, according to the DMGT. Most of the votes came from Viscount Rothermere, who holds a stake of about 34%, but according to the company, Berry Street Capital Management, Maven Investment Partners, Cyclone Capital and TIG Advisors were also supportive.

However, Majedi’s fund manager Chris Field said Thursday that the offer was offered at a “significant discount” on the investment group’s own DMGT valuation.

He asked the independent directors of the company to publish an independent assessment that forms the basis for bidding recommendations.

“Information asymmetry is detrimental to non-family shareholders,” Field added.

JOHambro Capital Management, which attacked the first proposal as “neither fair nor supportive,” declined to comment on the sweetened bid.

Other terms have not changed from the previous offer. These include a 568p stake in cash and a special dividend consisting of a stake in Cazoo, a recently listed online car retailer.

Including dividends, the new offer will value the group at around £ 2.75 billion, up from £ 2.9b at the time of the original offer, thanks to the fall in Kazoo’s share price.

DMGT recently sold its assets, including RMS, in its insurance risk modeling business and undertook a radical restructuring.

The company has increased exposure to consumer media in its portfolio of publications such as Metro, i, Daily Mail, Mail on Sunday and MailOnline.

Shareholders must accept the offer by December 16th.

Rothermere sweetens bid to take Daily Mail publisher private Source link Rothermere sweetens bid to take Daily Mail publisher private

The post Rothermere sweetens bid to take Daily Mail publisher private appeared first on California News Times.

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