Daily Mail & General Trust PLC - London-based newspaper publisher - Extends deadline for its acquisition by Rothermere Continuation Ltd, owned by Lord Rothermere, also known as Jonathan Harmsworth, DMGT's biggest shareholder. Rothermere now has until November 25 to either announce a firm intention to make an offer or that it does not intend to make an offer. The bid's deadline has already been extended at least twice to accommodate takeover talks. Last month an extension was given after negotiations with the pension trustees at DMGT - which owns the Daily Mail, Mail on Sunday and Metro newspapers - took longer than expected.
The revised deadline can be extended further with the consent of the takeover panel, DMGT notes.
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 two disposals. This would give an enterprise value to the remainder of DGMT of GBP810 million, the company said at the time.
Lord Rothermere himself holds a 29.2% stake in DMGT, according to Morningstar.
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By Will Paige; willpaige@alliancenews.com
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