Mirror Shareholder Urges That Trinity Talks Resume
It has been reported today that a major shareholder in the Mirror Group has urged the company to resume merger talks with regional newspaper publisher Trinity International. The negotiations, which have been on and off since last year, broke down again at the weekend (see Mirror Group-Trinity Talks Fizzle And Die).
Phillips & Drew Fund Management, which owns a 26% stake in the Mirror Group, is understood to be keen on the £1.3 billion merger and is pushing for the discussions to recommence.
A spokesperson for the Mirror Group this afternoon told Newsline that as Mirror instigated the talks initially last year, it still felt that there was something to talk about and is open to resuming the discussions. Attaining the right price, in line with the market value of stock, and deciding on the allocation of shareholders’ stakes in the two halves of a merged group are the key issues and the ones which have caused the talks to stall, he added.
At 4:23pm this afternoon Mirror Group’s shares were valued at 168.5p, up by 2.5p on yesterday’s closing price. Trinity’s shares were up by 10.5p to 439p.
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