Lord Rothermere's bid vehicle is still almost 5% below the level needed for majority ownership of the Daily Mail and General Trust (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 with just over 24 hours to go.
As of 3pm GMT on 14 December and including its own stake, RCL had received acceptances, irrevocable undertakings, and letters of intent to accept from investors speaking for 45.1% of all DMGT shares.
This means a further 4.9% of investors need to accept the proposed offer by tomorrow for RCL to attain its minimum 50% level.
Four days before, on 10 December, just 42% of all shares had been attained by RCL with 8% of investors still needing to accept.
One of DMGT’s big investors 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.