- After weeks of hints and speculation, German media group Axel Springer has ruled out a take-over bid of Mirror Group Newspapers, following a meeting of the company's supervisory board.
The exit of Springer leaves the way open for Mirror Group to restart merger talks with UK regional newspaper company Trinity International, which it began in the early spring.
Mirror Group shares dropped on the news closing down 0.5p at 208.5p. Mirror had wanted 300p a share to recommend an offer from Springer, a price thought to high by members of the Springer Board.
It is thought that Springer may now look at other UK national newspapers, making Express Newspapers one of the few realistic targets.
In a statement, David Montgomery, Mirror Group Chief Executive, said: "This has always looked like an attempt to take control of Mirror Group on the cheap. The good news for shareholders is that we are now free to resume the process of delivery of enhanced value, which was underway before the Springer intervention."