The Mirror Group has made an offer of £297 million for Midland Independent Newspapers. The offer of 210p per share represents a premium of 41% to the mid-market closing price on 16 June 1997, the last dealing day before the announcement was made by MIN. The offer is subject to the consent of the Secretary of State for Trade and Industry.
Chris Oakley, chief executive of MIN, said: “Together the complementary newspaper titles on MIN and Mirror Group will be able to offer a better service to readers and advertisers, while taking advantage of economies of scale. MIN also brings magazine and exhibition experience to Mirror Group’s strong national brands. The enlarged Mirror Group will be better able to exploit opportunities and play a leading part in major media developments.” Oakley will join the Board of Mirror Group when the offer becomes unconditional.
The Mirror Group believes that significant opportunities exist in regional media markets and that the acquisition of MIN represents an attractive opportunity to strengthen the Group’s presence in the heart of the UK. The Mirror has also identified savings and synergy’s amounting to £5 million per annum which will arise from the merger.
Mirror Group: 0171 293 3000
MIN: 0121 236 3366
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