Daily Mail Makes £122m Agreed Offer For Bristol United Press

The Daily Mail & General Trust (DMGT) has this morning made a £121.5 million takeover bid for regional newspaper publisher Bristol United Press (BUP). The offer values BUP at 742˝p per share and has pushed the group’s shares up by an enormous 202˝p (39%) to 722˝p at 1:00pm today. BUP stock closed yesterday at just 520p, making DMGT’s offer a 42.8% premium on the value of BUP yesterday.

DMGT already owns around 29.9% of BUP through a number of related businesses and parties, including DMGT directors on the BUP Board. All non-DMGT directors at Bristol United Press have agreed to the terms of the takeover offer.

Commenting on the deal, BUP’s chairman, James Evans, says: “BUP has developed a medium term strategy, fully supported by DMGT, to enable it to respond to the changing environment within which it operates… We believe that the Offer will enable these objectives to be achieved more effectively and represents excellent value for shareholders.”

Bristol United Press produces a number of free and paid-for titles in the South West region, including the Bristol Evening Post and the Western Daily Press. The company also announced pre-tax profits for the six months ended 30 September 1999 of £7.3 million today.

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Bristol United Press: 0117 934 3000 Daily Mail & General Trust: 0171 938 6000