Rothermeres make offer to take Daily Mail publisher private after 90 years

The Rothermere family are closer to taking the publisher of the Daily Mail private, bringing to an end the group's almost 90 years as a listed company. The holding company of executive chair Jonathan Harmsworth, Viscount Rothermere, has made an offer for the Daily Mail and General Trust, following an extensive restructuring of the business. The offer is pitched at £12.63p a share, a 16 per cent premium to Tuesday's closing price, and comprises several components. In addition they will receive a final dividend of 17.3p. Excluding the dividends, the offer gives DMGT an enterprise value of £850m, compared with the first July offer, which valued it at £810m. "We believe the terms of our offer to be fair," Harmsworth, a descendent of the Mail's founder, said on Wednesday. Majedie Asset Management, which owns 4.6 per cent of DMGT shares, urged shareholders not to accept the offer.

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