(Alliance News) - The Rothermere family's acquisition vehicle on Thursday said its takeover offer for Daily Mail & General Trust PLC has become unconditional, after acceptances, together with shares already owned, passed 50%.
Rothermere said it now owns or has agreed to buy 56.7% of all DMGT shares.
Rothermere Continuation Ltd is the vehicle of DMGT's biggest shareholder Jonathan Harmsworth, Viscount Rothermere. At the start of the month it had raised its offer by 5.9% to 270 pence per share in cash from 255p previously. The increase was worth an extra GBP40 million.
In addition to the 270p per share cash offer, all shareholders will receive a special distribution of 568p and 0.57 of a Cazoo share per DMGT share.
At the time, Rothermere lowered its acceptance condition to 50% of DMGT shares, including its own.
The independent directors of DMGT unanimously recommended the new offer, but not all shareholders were convinced.
Majedie Asset Management, which holds a 4.5% stake in the publisher on behalf of its pension fund and wealth management clients, had said the raised offer undervalues DMGT's remaining businesses, particularly its minority technology investments.
On Thursday, Rothermere turned up the pressure on shareholders who have not yet accepted. It set January 6 as the close of the offer. It intends to de-list DMGT's 'A' shares from the London Stock Exchange, saying it will give notice of at least five business days before doing this.
"DMGT A shareholders are reminded that such cancellation of listing will significantly reduce the liquidity and marketability of any DMGT A shares not assented to the final offer," Rothermere said.
DMGT shares were up 2.9% at 1,062.00p in London on Thursday. The company has a market capitalisation of just below GBP2.2 billion.
By Tom Waite; thomaslwaite@alliancenews.com
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