According to a report in today’s Guardian, which claims to have seen confidential documents released by the MGN consortium to the directors, Andreas Whittam Smith will sell the bulk of his 7.6% holding to his partners in the bid. The Mirror says it wants a 25% stake to give it some say in the commercial running of the titles.
The board of directors, according to the Guardian, is now expected to change its mind over the MGN bid and recommend it to shareholders after receiving assurances from the MGN that a 350p cash alternative would be offered to the cash and shares bid.
A board recommendation makes it more likely that Michael Heseltine will pass the bid without referring it to the Monopolies and Mergers Commission. Independent journalists still oppose the MGN bid.
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