Swedish freesheet company Metro International has received a bid approach from an unnamed source.
The Stockholm-listed company’s shares rose more than 60% following news of the bid, taking the value of the company to about 380 million kr (£30 million).
Metro, the third largest newspaper company in the world, is holding a shareholder meeting today to discuss a a 550 million kr (£43 million) rights issue and the bid is sure to dominate proceedings.
Metro said in a statement: “The indication of interest will be evaluated expeditiously.
“At this stage there is no certainty that this will lead to a public offer for Metro International, and the board of directors of Metro International is not in a position to express any view on the potential bid. Further communication will be made in due course.”
Earlier this month Metro International reported a net loss of €9.8 million (€8.6 million) in the final three months of 2008, compared with a profit of &euro:3.9 million (€3.4 million) the year before (see Metro International reports fourth quarter operating loss).
Metro is published in more than 100 cities, in 29 countries, and claims a global readership of more than 17 million people a day. The UK Metro newspaper is published by Associated Newspapers which launched the title in 1999 before Metro International had the opportunity.
