Europe South Asia Asia Pacific Americas Middle East Africa BBC Homepage World Service Education

Front Page



UK Politics







Talking Point
On Air
Low Graphics

Monday, March 1, 1999 Published at 11:36 GMT

Business: The Company File

Trinity bids again for Mirror

Mirror Group: Fresh approach

The regional newspaper publisher Trinity has approached the Mirror Group again with a buyout offer, only to be rejected.

Trinity said the offer would be on the basis of 0.35 new Trinity shares and 40p in cash for each Mirror share.

The Mirror Group moved quickly to reject the £1bn offer saying it was inadequate.

The tabling of any offer would be subject to the consent of Britain's Secretary of State for Trade and Industry.

[ image: David Montgomery: Left because of failure to clinch deal]
David Montgomery: Left because of failure to clinch deal
Based on Trinity's closing share price of 486p on Friday, the bid values Mirror shares at some 210p each and the company at approximately £950m ($1.52bn).

Mirror shares closed at 194p on Friday.

Mirror and Trinity, Britain's largest regional newspaper group, have had "on-off" merger talks over the past year or so.

It was partly because of a failure to clinch a deal with potential suitors that chief executive David Montgomery left the Mirror in January.

Only a few weeks ago, the privately-owned Regional Independent Media, a smaller regional newspaper group, had a 200p per share bid turned down.

A Trinity spokesman said the proposal was for a merged company headed by Trinity Chief Executive Philip Graf, with John Allwood, recently appointed to head Mirror, as his deputy.

Trinity earlier reported pre-tax profits of £83.8m for 1998, up by more than 30%.

At midday GMT the Mirror Group's share price was 8 pence higher 202p and Trinity shares were 11.5p higher at 497.5p.

Advanced options | Search tips

Back to top | BBC News Home | BBC Homepage | ©

The Company File Contents

Relevant Stories

21 Jan 99 | The Company File
Mirror rejects takeover bid

18 Jan 99 | The Company File
New bid for Mirror group

11 Jan 99 | The Company File
Stop press

Internet Links

Mirror Group

The BBC is not responsible for the content of external internet sites.

In this section

Microsoft trial mediator welcomed

Vodafone takeover battle heats up

Christmas turkey strike vote

NatWest bid timetable frozen

France faces EU action over electricity

Pace enters US cable heartland

Mannesmann fights back

Storehouse splits up Mothercare and Bhs

The rapid rise of Vodafone

The hidden shopping bills

Europe's top net stock

Safeway faces cash demand probe

Mitchell intervenes to help shipyard

New factory creates 500 jobs

Drugs company announces 300 jobs

BT speeds internet access

ICL creates 1,000 UK jobs

National Power splits in two

NTT to slash workforce

Scoot links up with Vivendi

New freedom for Post Office

Insolvent firms to get breathing space

Airtours profits jump 12%

Freeserve shares surge

LVMH buys UK auction house

Rover - a car firm's troubles