Candover Rebuffed In Latest Bid For Trinity Titles

Trinity Mirror has rejected a fresh approach from Candover Investments, the private equity house, for its national newspapers, according to weekend press reports.

The Observer claims that Candover, which made an informal offer for the titles late last year, has returned with a new proposal since the appointment of Sly Bailey as Trinity Mirror chief executive.

However, the bid was turned down by Bailey and her chairman Victor Blank and was not submitted to the board. It is not known how much Candover was willing to pay but the previous offer, made in conjuntion with Apax Partners, valued the group at more than £1.3 billion. The national titles alone could fetch around £500 million.

Bailey is currently implementing a strategy designed to revive the fortunes of Trinity Mirror which has seen sales of its flagship newspaper, the Daily Mirror fall below 1.8 million in recent months.

The management has consistently ruled out selling its national titles, which also include the Sunday Mirror and the People, but Candover will be monitoring the situation.

There is also speculation that Independent News & Media, which is known to be interested in Trinity’s Irish titles, could make a move for the group’s Scottish red top, the Daily Record.

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