British regional newspaper group RIM yesterday made a £910 million sterling takeover approach for Mirror Group Plc, publisher of Britain's second-biggest-selling national newspaper.
Regional Independent Media Group (RIM), which is backed by the Candover venture capital group and publishes titles including the daily Yorkshire Post, indicated it would offer 200p per Mirror share.
The offer is conditional on winning the approval of the Mirror board, financing and regulatory approval. Mirror said it was considering the offer and advised shareholders to take no action for the moment.
The bid approach follows abortive merger talks between Mirror and Trinity Group Plc. Mirror shares climbed sharply on the report, adding 32 1/2p to 206p, indicating that the market believed the bid would have to be increased.
RIM is chaired by the former Conservative cabinet minister, Sir Norman Fowler, and reports suggested yesterday that he would be chairman of the enlarged group. The offer letter contained assurances that the politics of the Mirror titles, which have long supported Labour, would not be altered.
The Trinity-Mirror talks are believed to have foundered over management issues, with failure to agree a future role for Mr David Montgomery, Mirror chief executive.
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