Business Services Industry
Bidding for British Publisher Continues.
Knight Ridder/Tribune Business News, September, 1998 by Levi, Jim
Knight Ridder/Tribune Business News
Sep. 22--VCI shares surged 12 pence to 119.5 pence as Kingfisher boss Sir Geoffrey Mulcahy delivered his promised counter bid, worth 120 pence a share.
That puts a UKpound 46.8 million value on video, audio and book publisher VCI -- which once threatened to launch a UKpound 300 million bid for Manchester United!
A fortnight ago VCI languished at 49.5 pence, down from 220 pence a year ago. Then Scottish Media made an agreed 80 pence offer. Kingfisher has topped it handsomely.
The auction could still go higher. Scottish Media, owner of Scottish TV, already has more than 26 percent of VCI.
But Kingfisher's Entertainment UK arm buys one third of all VCI's output -- everything from Glen Hoddle...
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