Business Services Industry
Gannet Ready to Swallow British Newspaper Group.
Knight Ridder/Tribune Business News, June, 1999 by Arends, Brett
Knight Ridder/Tribune Business News
Jun. 25 -- The Northern Echo, Brighton Evening Argus and Oxford Mail look set to become part of the same newspaper stable as USA Today.
Local paper group Newsquest received an offer at 460 pence a share -- UKpound 904 million cash -- from New York-quoted Gannet. The bid has picked up 52 percent acceptances.
These lapse if a gazumper offers 494 pence or better within seven days. Chances of that seem slim, though brokers advise shareholders to hang on just in case.
Directors, who will trouser UKpound 18 million, are lukewarm. Executive chairman Jim Brown says: "It is a fair price but, because there is not a sufficient premium in it, we cannot recommend it to shareholders."
He will stay if...
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