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Stock impact report

Telegraph takeover by Daily Mail owner presented to ministers [Yahoo! Finance]

Lloyds Banking Group Plc American Depositary Shares (LYG) 
US:NYSE Investor Relations: lloydsbankinggroup.com/investors
Company Research Source: Yahoo! Finance
More than two years after it first sought a takeover, RedBird IMI has written to Lisa Nandy, the Culture Secretary , to ask permission to transfer it to DMGT, the publisher of The Daily Mail. Ms Nandy has lately been seeking a swift end to the uncertainty and will now decide whether to refer the deal for scrutiny by regulators Ofcom and the Competition and Markets Authority (CMA). DMGT, owned by the Viscount Rothermere, said the £500m transaction would be funded with new lending from NatWest, its long-term banking partner. An initial payment of £400m will be followed by the remaining £100m within two years. DMGT is scheduled to refinance some of its existing debt by 2027, which could provide an opportunity to pay off RedBird IMI The deal appears to be a financial test for DMGT, which has been warned by the credit ratings agency S&P that it could face a downgrade as a result. A spokesman for the publisher said: “DMGT is determined to proceed at pace towards a resolution that Show less Read more
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