(Alliance News) - The Rothermere family's acquisition vehicle on Thursday raised its takeover offer for Daily Mail & General Trust PLC and lowered its acceptance condition in order to get the deal for the London-based newspaper publisher over the line.
Rothermere Continuation Ltd is the vehicle of DMGT's biggest shareholder Jonathan Harmsworth, Viscount Rothermere. It raised its offer by 5.9% to 270 pence per share in cash from 255p previously. The increase is worth GBP40 million.
It also lowered its acceptance condition to 50% of DMGT, including its own shares. Rothermere said it currently owns or has acceptances for its offer from 41.8% of DMGT shares.
The independent directors of DMGT unanimously recommended the new offer to shareholders. Rothermere said it is final and set a December 16 deadline for acceptances.
In addition to the 270p per share cash offer, all shareholders will receive a special distribution of 568p and 0.5749 of a Cazoo share per DMGT share.
DMGT shares were up 1.1% at 1,086.00p early Thursday in London. The company has a market capitalisation of just below GBP2.3 billion.
By Tom Waite; thomaslwaite@alliancenews.com
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