Dec 15, 2021
Rothermere closes in on DMGT as large investor supports bid
Lord Rothermere is within reach of taking the publisher of the Daily Mail newspaper private after the company's largest independent shareholder showed support for his takeover bid. The comments from Train, one of the City's highest profile fund managers, came a day before a deadline for shareholders to accept the bid, made via a family investment vehicle of Jonathan Harmsworth, Viscount Rothermere. DMGT said this month that shareholders with a combined stake of almost 42 per cent - mostly accounted for by the Rothermeres - were backing the plan. In annual results for Finsbury Growth & Income on Wednesday, Train wrote that DMGT "Has always fascinated me as a collection of media and data assets, evidently very undervalued by other investors". Majedie has called on DMGT's independent directors to publish a valuation that led them to recommend the bid.
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