Retail company Kingfisher has made a counter bid for the video, music and book publishing company VCI, following the initial offer of £31 million by Scottish Media Group (see Newsline).
Kingfisher has offered £46.8 million for VCI, 120p per share, outbidding SMG by 50%. VCI is advising its shareholders to sit tight until SMG reacts to the bid.
SMG is currently considering its position, and as yet could offer Newsline no comment on the situation. VCI shares closed at 199.5p yesterday, and currently remain at that price.
VCI: 0171 396 8888 Scottish Media Group: 0141 300 3000
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