Tony O’Reilly is attempting to increase his stake in Newspaper Publishing by 5% to 29.9%, with a partial cash offer worth 350p. The deal is conditional on clearance from Michael Heseltine; it allows O’Reilly to withdraw his offer if DTI assent is not granted by May 31. A shareholding of 29.9% is just below the level that would trigger a full bid for the company.
O’Reilly, who last night was contacting shareholders with his latest bid, trumped MGN’s bid earlier this month by buying shares. MGN’s increased offer yesterday looks likely to be trumped again.
At a board meeting yesterday the directors of Newspaper Publishing welcomed the higher MGN bid, but also said that they were seeking details of agreements between members of the consortium over the allotment of stakes, and the service agreements for the printing and management of the newspapers.
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