- Mirror Group yesterday rejected a take-over bid from the regional newspaper publisher, Trinity, that valued the company at £972 million.
The combined cash and share offer, worth 214p a share, was rejected in a statement put out by the Mirror Group board, which is due to meet again today to consider the possible sale of its television assets.
Mirror Group said the Trinity offer represented an "inadequate premium for a change of control" and added that it was continuing discussions with rival bidder, Regional Independent Media. Trinity is thought likely to refer its interest to the Monopoly and Mergers Commission.
It is understood that fund management firm, Phillips Drew, which is Mirror Group's largest single shareholder and a supporter of a deal with Trinity, backed the rejection of the bid.
Phillips Drew, which holds 23 per cent of the company, said the bid did not reflect the Mirror's potential under the new management team led by chief executive John Allwood.
A Phillips Drew spokesman, said: "We are extremely supportive of the management team at the Mirror and would expect to see a significantly higher premium."
It is thought that the shareholders are looking for an offer closer to 230p.