The Mirror consortium, which includes the founders of the Independent, with Italian and Spanish shareholders, yesterday revealed the details of its bid for the Independent papers.
The offer, which values both papers at a maximum of £57m, is in the form of a straight cash bid of 250p a share, or a mix of cash and shares in the Mirror Group up to a maximum 260p a share.
The offer from Irish newspaper head, Tony O’Reilly offers loan stock at 300p per share. This bid is considered unlikely to succeed however because it does not offer immediate cash.
NEWS INTERNATIONAL RESULTS
News International has announced interim results for the six months ending December 31. Pre-tax profits for the group were £126.75m, up from £86.94m. The BSkyB contribution to the figure was £30.93m, compared to £7.51m last time. Sky multi-channels, which launched on September1, has contributed to a 40% leap in subscribers to 3.25m.
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