The board of the Mirror Group has rejected the the takeover offer from Regional Independent Media as it stands at £913 million, or 200p per share (see Mirror Faces Possible Bidding War). Amid reports of boardroom dissension, the company has decided to seek a better price from RIM and is open to discussions on this basis.
It is reported today that a number of Mirror Group investors are seeking the resignation of chief executive David Montgomery. Montgomery has been seen as the major obstacle to the agreement of a deal with regional publisher, Trinity. The talks with Trinity broke down a couple of weeks ago (see Mirror Shareholder Urges That Trinity Talks Resume).
Mirror Group described the offer from RIM, which is backed by venture capital group Candover Investments, as ‘not adequate’. Mirror’s share price stood at 198˝p at 11:15am today, unchanged from the previous day’s close.
Mirror Group: 0171 293 3000
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