The Rothermere trust that controls the publisher of the Daily Mail newspaper will make an offer this week for the 11 percent of its voting shares it does not already own, Sky News reported.
Sky News said a family trust led by Jonathan Harmsworth, the Viscount Rothermere, would offer 112.5 non-voting shares for every 100 voting shares in the company and that an announcement could come as soon as Wednesday.
Rothermere, also the chairman of publisher Daily Mail and General Trust (DMGT), agreed to buy voting shares from his uncle last month, raising his stake to 89.2 percent from 59.9 percent.
DMGT could not be immediately reached for comment outside of regular business hours.
Rothermere’s trust was being advised by Rothschild, while the independent directors of the Daily Mail publisher were being advised by Lazard, Sky News said.
DMGT also publishes the Mail on Sunday and Metro, a free daily newspaper.