LONDON (Alliance News) - Media firm Daily Mail & General Trust PLC confirmed Monday it was "considering strategic options" for its stake in business-focused publishing firm Euromoney Institutional Investor PLC following media speculation over the weekend.
Over the weekend, the Sunday Times reported that Daily Mail was considering selling it remaining 49% stake in FTSE 250-listed Euromoney in order to fund a GBP750 million special dividend to shareholders.
Daily Mail reduced its Euromoney stake from 67% to 49% in December 2016, raising GBP315 million. At the time, it sold its Euromoney stake at 975 pence per share.
On Monday, Daily Mail confirmed it was "reviewing options for its holding, consistent with its stated strategy of increasing portfolio focus." The firm - which owns the eponymous Daily Mail newspaper as well as the free Metro paper - added it had "not received any proposal nor is it in discussions with any party to acquire its holding in Euromoney."
Daily Mail added it would make a further announcement "if it becomes relevant and appropriate."
Shares in Daily Mail were 1.9% higher at 628.00 pence on Monday, Euromoney 0.5% lower at 1,294.00 pence.