Adds detail of declaration, background
November 2 (Reuters) – The owner of Britain’s Daily Mail said on Tuesday he was set to strike a deal with his retirement administrators that would see the publisher’s founding family pay them around £ 400million ($ 546million) and open the lead to a takeover of the company.
In July, the Rothermere family, the leading investor in Daily Mail and General Trust (DMGT) DMGOa.L, presented an 810 million pound plan to buy DMGT.
This plan was conditional on the sale of DMGT’s insurance risk business, the registration of the partially owned online car seller Cazoo, and an agreement with the trustees.
The news on the possible agreement with the trustees of the DMGT, first reported by Sky News on Monday, comes after years of redesign To London-listing the company as it focused on its core news business and beat the competition.
DMGT said on Tuesday that the possible deal with its pension trustees also included other unspecified conditions.
Under UK takeover rules, the Rothermere have until November 25 to make a firm offer to purchase DMGT through their Rothermere Continuation Ltd vehicle or to leave.
The Daily Mail was first published in 1896 by the ancestors of current DMGT chairman Jonathan Harmsworth, Viscount Rothermere. The group also publishes the Daily Mail tabloid, The Mail on Sunday and MailOnline.
($ 1 = 0.7329 pounds)
(Reporting by Pushkala Aripaka in Bengaluru; editing by Maju Samuel)
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