TYCOON Lord Rothermere has been granted another extension to make an offer for the Daily Mail Group.

A previous deadline was set for yesterday, but prolonged negotiations with the trustees at the Daily Mail and General Trust (DMGT), who owns The Daily Mail, Mail on Sunday and Metro , has meant a final deal has not been reached.

It was back in July that the DMGT first announced a major reorganisation involving the sale of its Insurance Risk division, the Special Dividend and a possible cash offer by Rothermere.

To allow further time for the remaining pre-conditions to be satisfied or rejected, DMGT and Rothermere have requested a further extension to 5pm on 25 November.

The offer is expected to be in the region of £800m and Rothermere is currently the biggest shareholder in the group, which has been listed on the stock market since 1932.

However, the share price of DMGT fell by 4p yesterday.

(c) 2021 City A.M., source Newspaper