Slaughter and May is advising Daily Mail and General Trust plc (“DMGT”) on the reorganisation of DMGT, which comprises a cash offer by Rothermere Continuation Limited (“RCL”) for all the non-voting shares in DMGT (“DMGT A Shares”) not already owned by RCL (the “Offer”), and a proposed special distribution to all shareholders of DMGT (the “Special Dividend”). The Special Dividend comprises cash and the shares DMGT owns in NYSE-listed Cazoo Group Limited.
In addition, RCL has agreed that DMGT should recommend for approval, in accordance with its existing dividend policy, a final dividend in respect of FY 2021 (the “2021 Proposed Final Dividend”).
The Offer has been recommended by the non-conflicted directors of DMGT. The aggregate value holders of DMGT A Shares would receive under the terms of the Offer, the Special Dividend and the 2021 Proposed Final Dividend (if approved) would be 1263 pence per DMGT A Share.
Including the Special Dividend and the 2021 Proposed Final Dividend, the Offer values DMGT at about £3.1 billion.
The Offer was announced on 3 November 2021, and it is expected to become or be declared unconditional on 16 December 2021.
Kudrat Agrawal / Trainee, Edward Beighton / Trainee
Maddy Tomlin / Trainee, Sean Lee / Trainee, Xiwan Wei / Trainee