It is believed that Mirror Group has received a number of ‘attractive’ takeover offers since the bid intentions which were announced by German publisher Axel Springer just over two weeks ago (see Mirror Group Awaits Springer Bid).
Since its announcement Springer has remained silent, although the bid it is likely to make will probably be around Mirror’s current market value: 232.5p per share. Mirror Group shareholders are holding out for at least 300p per share. A major stakeholder in Mirror Group, PDFM, which holds 18.1%, is thought to be unlikely to approve a bid lower than this; this could stall the deal.
In the light of this Mirror Group is understood to be talking with a number of other possible private equity funds about the possible takeover. Venture capital group Cinven, which aided the management buyout of IPC Magazines at the beginning of the year (see IPC Magazines Gains Independence), is reported to have spoken with Mirror Group boss David Montgomery.
The longer Springer waits, the more time Mirror has in which to find a more attractive proposal.
Mirror Group: 0171 293 3000
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