Nov 19, 2021
Daily Mail owner DMGT move to go private opposed by second investor
A second big shareholder of Daily Mail and General Trust has opposed Lord Rothermere's bid to take the media group private, attacking his offer as "Neither fair nor supportable". J O Hambro Capital Management said on Friday it was "Underwhelmed and unconvinced" by the takeover proposal from the Rothermere family, which it said failed to recognise the long-term value of DMGT assets such as the Daily Mail newspaper and MailOnline. Through a family investment vehicle Jonathan Harmsworth, Viscount Rothermere, made a formal offer this month for DMGT of around £2.9bn. This included a special dividend and returning cash from the sale of the insurance risk business RMS and the listing of Cazoo. J O Hambro and Majedie own 3.3 per and 4.6 per cent of DMGT shares respectively. The Rothermeres only need to secure 50 per cent to delist DMGT and in this scenario investors unwilling to sell would be offered shares in the resulting private company.
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