Jonathan Harmsworth, the Viscount Rothermere, who owns a controlling stake in the trust that runs the British mid-market tabloid newspaper the Daily Mail, has made an approach to buy out the rest of the voting shares.
He has agreed to acquire voting shares from his uncle to raise his stake to 89.2 percent from 59.9 percent, the Daily Mail and General Trust (DMGT) said on Monday.
Rothermere, the firm’s chairman, also plans to acquire the remaining voting shares owned by his family by exchanging them for non-voting shares.
The non-voting shares in the DMGT, which are listed on the London stock exchange, are not directly affected by the deal and were trading up 0.5 percent at 773 pence in opening trade on Monday.
The Daily Mail newspaper was set up by Rothermere’s ancestors in 1896 and now forms part of the DMGT’s consumer business, alongside the Mail on Sunday and Metro, the free daily newspaper. The DMGT also has a business-to-business media unit group, including Euromoney.