Slaughter and May is advising Daily Mail and General Trust plc on the £3.1bn reorganisation of DMGT, comprising a recommended cash offer by RCL and a proposed distribution to all shareholders

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. 

Corporate
David Watkins Partner
Eleanor Mackay Associate
Di Yu Associate
Harry Gilbertson Associate
Olivia Hosker Associate
Olivia McCann Associate

Kudrat Agrawal / Trainee, Edward Beighton / Trainee

Pensions
Daniel Schaffer Partner
Chris Sharpe Associate
Jennifer Allan Associate

Maddy Tomlin / Trainee, Sean Lee / Trainee, Xiwan Wei / Trainee

Employment and Incentives
Padraig Cronin Partner
Rachel Hunter Associate
Philippa O'Malley Associate
Tax
Gareth Miles Partner
Charles Osborne Associate
Richard Liu Associate
Financing
Ed Fife Partner