9th Aug 2021 14:20
Daily Mail & General Trust PLC - London-headquartered media company - Notes extension to deadline for its acquisition by Rothermere Continuation Ltd, owned by Lord Rothermere, DMGT's biggest shareholder. Rothermere now has until September 30 to either announce a firm intention to make an offer or that it does not intend to make an offer.
Last Thursday, DMGT met one of the pre-conditions for the takeover bid, which was to sell its RMS insurance risk unit. The unit is being sold to New York-based credit ratings agency Moody's Corp for GBP1.43 billion. The other condition concerns the direct distribution of shares in used car retailer Cazoo, in which DMGT holds a 20% stake.
In mid-July, Rothermere announced the potential takeover with a view to take the newspaper publisher private. At the time, DMGT said Rothermere was prepared to make a 251p per share cash offer to take the remainder of DMGT private, following the two disposals. This would give an enterprise value to the remainder of DGMT of GBP810 million, the company said.
Lord Rothermere himself holds a 29.2% stake in DMGT, according to Morningstar.
Current stock price: 1,068.00 pence
Year-to-date change: up 43%
By Greg Roxburgh; [email protected]
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