Rothermere Gets Extension to Bid Deadline for Daily Mail & General Trust
09 August 2021 - 5:13PM
Dow Jones News
By Ian Walker
Daily Mail & General Trust PLC said Monday that the U.K.
Takeover Panel has extended the deadline for Rothermere
Continuation Ltd. to either make an offer for the media group or
walk away.
The new deadline is Sept. 30. It has been extended from Aug. 9
to enable certain preconditions relating to the sale of the
company's insurance risk unit and the possible offer to be
satisfied.
On July 12, Daily Mail said that its controlling shareholder,
Rothermere Continuation was considering a bid for the remaining
assets of the group after a possible sale of its insurance-risk
division and that it was also in talks regarding the sale of the
division.
Rothermere, which owns around 20% of Daily Mail, had indicated
that it would offer 251 pence a share in cash, putting an
enterprise value of 810 million pounds ($1.12 billion) on the
company, including debt.
In the event that the offer becomes unconditional, Daily Mail
said it would declare a special dividend comprising cash and its
remaining Cazoo shares, and shares in the group would cease to be
listed.
Daily Mail said Thursday that it had agreed to sell its
insurance risk business RMS to Moody's Corp. for GBP1.43 billion in
cash.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
August 09, 2021 03:13 ET (07:13 GMT)
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