RESPONDING to media speculation, Daily Mail and General Trust (DMGT) have confirmed that it is "close" to reaching a deal with Lord Rothermere, potentially agreeing with the trustees of the three pension schemes.

The deal includes a payment into the schemes of approximately £400m, among other terms. The offer is below the expected region of £800m but signals progress.

The newspaper tycoon requested another one-month extension last week to make an offer for the group that owns the Daily Mail, Mail on Sunday and Metro newspapers. This deadline was agreed and extended to 5pm on 25 November 2021.

In July, DMGT announced the major reorganisation involving the sale of its Insurance Risk division, the Special Dividend and a possible cash offer by Rothermere.

Rothermere is currently the biggest shareholder in the group, which has been listed on the stock market since 1932. If the deal goes ahead, it would lead to the UK's biggest-selling daily newspaper returning to fully private ownership.

DMGT and Rothermere were unable to comment any further on this development.

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