Will another 15 pence be enough to swing the deal for the Rothermere family, so far stymied in their attempt to take Daily Mail publisher DMGT private.
Yesterday the Rotheremeres, who control UK publisher Daily Mail and General Trust, upped the cash component of their offer to other shareholders to GBP£2.70 (A$5.09) a share, an increase of 5.9 per cent.
The family and its associates is understood to control all the ordinary shares and about 30 per cent of the ‘A’ class ones. Of the remainder, Majedie Asset Management – reported by Reuters to have said the revised offer “still fell short of expectations” – owns 4.5 per cent, making it the fifth-largest shareholder.
A deal last month was thought to have been agreed after DGMT sold insurance business Risk Management Solutions, and listed its online auto market Cazoo.
The family has lowered its threshold for acceptances to 50 per cent, leaving the offer on the table until December 16.
The previous offer had been £2.55 cash, a “special dividend” of £5.68 and 0.5749 Cazoo shares, for each of their DMGT shares part of which remains unchanged.
Current chairman Jonathan Harmsworth – the fourth Viscount Rothermere – is a great-grandson of one of the original co-founders. Wikipedia cites a 2014 survey that the average age of Daily Mail readers was 58, and that it had the lowest proportion of 15-44 year-olds of Britain’s major dailies.
Pictured: The Daily Mail Australia home page, noted for its long headlines