German publisher Axel Springer has announced that it is not to make a formal bid for the Mirror Group. This follows much anticipation in the recent weeks over the value of the Group’s shares and the offer Springer may make accordingly (see Mirror Group Examines New Proposals).
As a result of Springer’s withdrawal, Mirror’s shares closed yesterday 24.5p down on the previous day at 208.5p. Mirror Group is wanting to build its value up again and then may be interested in considering proposals from other buyers. Trinity Newspapers were in contention before Axel Springer made its appearance a few weeks ago (see Trinity Pulls Out Of Mirror Talks), and a number of further offers are understood to have been received by Mirror.
Mirror’s chief executive, David Montgomery, said: “This always looked like an attempt to take control of Mirror Group on the cheap. Axel Springer at no time approached us to talk about price”.
Springer’s decision to backout of the deal comes in the same week as ABC circulation figures show a year on year drop for virtually all national newspapers (subscribers see full item in Press features list).
Mirror Group: 0171 293 3000
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