Earlier this month Lord Rothermere had made a “final” offer to DMGT investors of 270p per share, or £871m. He also reduced the acceptance rate for the deal from 90% of shareholders to 50%. The offer had been increased after investors said earlier offers were underwhelming.
The latest statement from DMGT outlined that on 2 December 2021, Lord Rothermere’s offshore company Rothermere Continuation Limited (RCL) and the non-conflicted DMGT directors announced the terms of a recommended increased and final cash offer for all of the issued and to be issued DMGT A Shares not already owned by RCL (the final offer).
On 16 December, RCL announced that all of the conditions to the final offer had been satisfied or, where applicable, waived and the final offer was therefore unconditional in all respects.
Now that the final offer has become unconditional, in accordance with the statements made in the Final Offer Document, DMGT’s board has resolved to make applications to the Financial Conduct Authority (FCA) to cancel the listing of and stop trading in all DMGT shares. It is expected that such applications will take effect as of 8am on 10 January 2022.
Chairman Lord Rothermere said: “Today marks a huge milestone for DMGT, as we look towards an exciting and rewarding future under private ownership once again. We have always been a business that backs strong leadership and talent, and today is the ultimate expression of that faith.
“Everything we do is in the service of our customers, for whom we will continue to deliver the absolute best, as we have for over 130 years. I would like to extend my thanks to everyone who has played a role in making this momentous day possible. I am excited and inspired by what lies ahead.”
Listed on the stock market since 1932, the complex multi-part deal to take the group private required certain conditions to be met. The £1.4bn sale of its insurance intelligence wing RMS completed in August, while online car retailer Cazoo, in which DMGT had a 20% stake, has now floated in New York.
Last month DMGT said it was looking to cut costs as it battles the biggest increase in newsprint costs for 25 years.
The publisher owns the I newspaper, the Metro newspapers, and New Scientist alongside the Daily Mail and Mail on Sunday.
