Lord Rothermere's bid vehicle is still 8% below the level needed for majority ownership of the Daily Mail and General Trust (LSE:DMGT) (DMGT).
Rothermere Continuation Limited (RCL), the Rothermere family vehicle bidding to take the Daily Mail publisher private, is still struggling to persuade independent shareholders to take up its offer.
As of 10 December and including its own stake, RCL had received acceptances, irrevocable undertakings, and letters of intent to accept from investors speaking for 42% of all DMGT shares.
That means a further 8% of investors need to accept the proposed offer by Thursday for RCL to attain its minimum 50% level.
Two of DMGT’s big investors have already indicated the offer is not good enough.
Majedie Asset Management, with a 4.5% stake, has said publicly that even Rothermere’s recently revised offer was still not generous enough and has urged shareholders not to accept it.
A final offer, increased by 6% to 270p per share from the previous 255p, was announced on 2 December.
DMGT shareholders have until 1pm GMT on 16 December to accept or reject the new offer.
RCL has said that if the offer is not approved a planned special dividend will be scrapped.