Hindujas And DMGT Go Head-To-Head For Express

The battle for Express Newspapers moved up a notch yesterday when the Hinduja brothers formally submitted a bid of more than £120m for the group. Described as “aggressively priced”, it was lodged in response to a similar offer from the Daily Mail & General Trust (see DMGT Prepares Bid For Express Newspapers), and it is believed that a full-scale auction for the titles could now ensue.

The Hinduja brothers have been keen to stress the simplicity of their takeover bid, which would be given a clear run by the competition authorities, as they have no other media interests in this country.

If DMGT added the Daily Express, Sunday Express and Daily Star to its Daily Mail stable, however, it would take control of all mid-market newspapers in the UK. Such a situation would be subject to scrutiny by the Competition Commission and the government, who are unlikely to readily allow further concentration in the national newspaper market.

Both DMGT and the Hinduja Brothers will now be pitted head-to-head for the titles, having submitted bids to Dresdner Kleinwort Benson, the financial advisers to United. Analysts have valued the group at just £75m, half of what is now being submitted, but reports have suggested that Lord Hollick is now beefing up the package to include express.co.uk as a sale draws nearer.

Express Newspapers: 020 7928 8000