Scottish Media Group (SMG) has given up on its plans to move into video publishing through the acquisition of VCI (see SMG Makes £31m Offer For VCI Video Publisher), and has sold its 26.4% stake in the company to rival bidder, Kingfisher (see Battle For VCI Mounts).
SMG originally made an 80p per share takeover offer for VCI, valuing the company at £31 million. However, Kingfisher joined the fray with the substantially higher bid of £46.8 million, or 120p per share. As a result, SMG has decided to relinquish its shareholding in the video publisher, selling to Kingfisher for £12.4 million.
Scottish Media Group: 0141 300 3000
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