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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.



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