With negotiations taking much longer than expected, newspaper tycoon Lord Rothermere has requested another one-month extension to make an offer for the group that owns the Daily Mail, Mail on Sunday and Metro newspapers.
A previous deadline was set for today, but negotiations with the trustees at the Daily Mail and General Trust (DMGT) have meant a final deal has not been reached.
On 12 July 2021, DMGT announced a possible major reorganisation involving the sale of its Insurance Risk division, the Special Dividend and a possible cash offer by Rothermere to acquire the entire issued and to be issued share capital of DMGT not already owned by him.
To allow further time for the remaining pre-conditions to be satisfied or waived, DMGT and Rothermere have requested, and the Takeover Panel has consented to, a further extension to the deadline until 5pm on 25 November 2021.
The offer is expected to be in the region of £800m, and Rothermere is currently the biggest shareholder in the group, which has been listed on the stock market since 1932.