New suitor for Mirror p.16

By: Editorial Staff Mirror Group PLC says it has been approached by Regional Independent Media Group PLC about a possible takeover offer, which could create Britain's biggest print media company.
Mirror Group, whose flagship is the tabloid Daily Mirror, says the offer would value the company at more than $1.49 billion. Mirror Group also has regional and Scottish newspaper interests.
Mirror Group's share price surged over 18% after the Jan. 18 announcement.
Regional Independent Media, which publishes the Yorkshire Post and other newspapers, is owned by the finance group Candover Investments PLC.
Mirror advised shareholders to take no action. A formal offer would be subject to approval by Mirror Group's board and antitrust regulators. The latest merger talks followed the breakdown of discussions with the regional newspaper group Trinity PLC.
97% of Southam to Black
Conrad Black has boosted his stake in Southam Inc. to 97% in a step toward taking Canada's largest newspaper group private under his Hollinger group. Southam shareholders met in Toronto Jan. 19 and approved conditions of Black's offer for the 29% of Southam shares he doesn't already own, or at least 90% of them. Two weeks earlier, Black raised his bid for the shares to C$25.25 each, or C$555.5 million, from C$22 a share or C$484 million. Southam's holdings include the Montreal Gazette, Ottawa Citizen, and recently launched National Post. Hollinger, which acquired a controlling interest in Southam in 1996, owns Britain's Telegraph, the Jerusalem Post, and Chicago Sun-Times.
The bulk of the cash to buy the 20 million Southam common comes from Southam, which paid out C$532 million in special dividends earlier this month, including C$378 million to Hollinger. Hollinger and Southam control 40% of Canada's daily newspaper circulation.
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?(copyright: Editor & Publisher January 23, 1999) [Caption]


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