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Lord Rothermere on brink of deal that would take DMGT off stock exchange

Lord Rothermere is expected to announce a £400m pensions agreement enabling the delisting of the Daily Mail’s parent company Daily Mail & General Trust after nearly a century of being on the stock exchange.

Lord Rothermere on brink of deal that would take DMGT off stock exchange
Photograph: Daniel Olah on Unsplash.

The Daily Mail was founded in 1896 and its parent company was first floated in 1932 on the London Stock Exchange. This deal would result in the newspaper, now Britain’s biggest selling daily, returning to full private ownership.

The deal to take DMGT private is expected to take place very soon, after it agreed to inject more than £400m into its three pension funds. The Takeover Panel last week agreed a third extension to the 'Put Up or Shut Up' deadline, three months after DMGT chairman Lord Rothermere first tabled an £810m indicative proposal.

The proposal was subject to three conditions: the agreement of DMGT’s pension trustees, the disposal of its insurance risk arm (which was sold to Moodys Corporation in September for £1.4bn), and the listing of Cazoo (which took place in August when it was floated on the New York Stock Exchange).

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