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Lord Rothermere ups bid in attempt to take Daily Mail publisher private
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Lord Rothermere has been forced to up his bid to take the publisher of the Daily Mail, i, Metro and New Scientist private to try to win over investors who believe he is significantly undervaluing the business.
The family, which founded the Daily Mail in 1896 and listed the parent company, Daily Mail and General Trust (DMGT), on the stock market in 1932, has upped its offer to 270p a share, valuing the newspaper business at £885m including debt.
The previous offer of 255p a share, valuing the business at £850m, prompted two top 10 shareholders – Majedie Asset Management and JO Hambro Capital Management, which control or advise on shares accounting for a combined 10.2% of DMGT – to publicly criticise the offer as woefully undervaluing the
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