The regional newspaper publisher Trinity has submitted a bid for the Mirror Group. The offer, understood to be around £1 billion, will rival the offer by Regional Independent Media (RIM) of £913 million (see Newsline).
Trinity has announced a pre-conditional offer for Mirror on the basis of 0.35 new Trinity shares and 40p in cash. The bid values Mirror shares at some 210p each and the company at approximately £950m.
A bidding war broke out at the beginning of the year for the Mirror Group. The group’s talks with Trinity broke down in earlier in the year (see Newsline). David Montgomery, who was chief executive of Mirror Group at the time, was seen as a key obstacle in the talks with Trinity. Following his departure from the group, negotiations have resumed (see Newsline).
The Mirror Group’s shares closed at 194p on Friday, and by 10am this morning had risen to 204p.
Trinity, which is the largest regional newspaper group in Britain, released its preliminary results for 1998 today. Details will follow on Newsline this morning.
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