Daily Mail shareholder Majedie says Rothermere offer undervalues company

LONDON - Leading Daily Mail & General Trust shareholder Majedie Asset Management said on Thursday that a revised offer by the Rothermere family to buy out minority shareholders represented a 'significant discount' to its valuation.

Earlier, the controlling shareholders of the Daily Mail publisher increased the cash component of its offer to buy out other shareholders to 270 pence per share, representing a 5.9% increase on its original bid.

"It is our opinion that this revised offer announced today represents a significant discount to our appraisal value of the residual DMGT businesses," Majedie said in a statement.

Majedie said it owns 4.5% of the company, which would make it the fifth-biggest investor, according to Refinitiv data.