[ad_1]
By Ian Walker
Daily Mail & General Trust PLC said on Monday that the UK acquisition panel had extended the deadline for Rothermere Continuation Ltd. to either make an offer for the media group or to withdraw.
The new deadline is set for September 30. It was extended from August 9 to allow certain preconditions relating to the sale of the company’s insurance risk unit and the possible offer to be met.
On July 12, Daily Mail reported that its controlling shareholder, Rothermere Continuation, was considering an offer for the group’s remaining assets after a possible sale of its risk insurance division and that it was also in talks regarding the sale of the division. .
Rothermere, who owns around 20% of Daily Mail, had said he would offer 251 pence a share in cash, putting an enterprise value of 810 million pounds ($ 1.12 billion) on the company, including debt.
In the event the offer becomes unconditional, Daily Mail said it would declare a special dividend consisting of cash and its remaining Cazoo shares, and the group’s shares would cease to be listed.
The Daily Mail announced Thursday that it has agreed to sell its RMS insurance risk business to Moody’s Corp. for £ 1.43 billion in cash.
Write to Ian Walker at [email protected]
[ad_2]
