Rothermeres wins battle to privatize Daily Mail publisher

A clock face is seen outside the London offices of the Daily Mail newspaper in London, Britain April 28, 2018. REUTERS/Toby Melville/File Photo

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LONDON, Dec 16 (Reuters) – The Rothermere family won their battle to privatize the British publisher of the Daily Mail on Thursday after owners of 57% of the shares backed their recommended bid.

The Rothermeres, who already controlled all of the company’s ordinary shares, struck a deal to take Daily Mail and General Trust (DMGT) private last month after the sale of the group’s insurance business, Risk Management Solutions, and a online car listing seller Cazoo, which he partly owned.

They increased the cash component of their offer to buy out other shareholders to 270 pence per share earlier this month.

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The offer also included a special dividend of 568 pence per share, 0.5749 Cazoo share for each DMGT share and a final dividend of 17.3 pence.

Total shareholder return will be valued at approximately 1,278 pence per share.

(1 pound = $1.3263)

($1 = 0.7542 pounds)

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Reporting by Paul Sandle

Our standards: The Thomson Reuters Trust Principles.