Daily Mail & General Trust PLC Silver Lake's recommended cash offer for ZPG Plc (7732N)
May 11 2018 - 1:31AM
UK Regulatory
TIDMDMGT TIDMZPG
RNS Number : 7732N
Daily Mail & General Trust PLC
11 May 2018
11 May 2018
Daily Mail and General Trust plc (DMGT)
Silver Lake's recommended cash offer for ZPG Plc
DMGT notes that the Boards of Zephyr Bidco Limited, ('Bidco'), a
wholly-owned indirect subsidiary of funds managed by Silver Lake
Management Company V, LLC, and ZPG Plc have this morning announced
that they have reached agreement on the terms of a recommended cash
acquisition of the entire issued and to be issued ordinary share
capital of ZPG Plc by Bidco at a price of 490p per ordinary share,
a material premium to the volume weighted average price for the
three month period ended 10 May 2018.
The Board of ZPG Plc, which includes two representatives of
DMGT, intends to unanimously recommend this offer to ZPG Plc
shareholders and DMGT has given an irrevocable undertaking to
accept the offer in respect of its entire holding, amounting to
29.8% of ZPG Plc's issued share capital. Accepting this offer is
consistent with DMGT's strategic priorities of increasing portfolio
focus and enhancing financial flexibility.
Bidco's proposed acquisition of ZPG Plc is to be implemented by
means of a Scheme of Arrangement and it is anticipated that, if
approved by shareholders, this will become effective in the third
quarter of calendar year 2018.
Paul Zwillenberg, Chief Executive, commented:
"The recommended all cash offer for ZPG promises to deliver a
very significant return for DMGT. The sale of our stake, pending
shareholder approval at ZPG, fits with our long track record of
successfully identifying new opportunities, incubating young
businesses and supporting their growth to create value for
shareholders."
Notes to editors
DMGT has been invested in Zoopla Property Group since 2012, when
DMGT's online property business, the Digital Property Group, merged
with Zoopla. DMGT subsequently held a 55% stake in the combined
entity. DMGT maintained its support through ZPG Plc's IPO in
2014.
For further information
For analyst and institutional enquiries:
Tim Collier, Chief Financial Officer +44 20 3615 2902
Adam Webster, Head of Management Information
and Investor Relations +44 20 3615 2903
Financial advisers to DMGT:
Nicholas Shott / Philippe Noel, Lazard +44 20 7187 2000
For media enquiries:
Paul Durman / Doug Campbell, Teneo Blue
Rubicon +44 20 7260 2700
Alex Moorhouse, Head of Communications +44 20 3615 2245
Market Abuse Regulation
The information communicated in this announcement includes
inside information.
About DMGT
DMGT manages a diverse, multinational portfolio of companies,
with total revenues of around GBP1.5 bn, that provide businesses
and consumers with compelling information, analysis, insight,
events, news and entertainment. DMGT is also a founding investor
and the largest shareholder of Euromoney Institutional Investor PLC
and ZPG Plc.
Person responsible for arranging the release of this
announcement:
Adam Webster, Head of Management Information
and Investor Relations +44 20 3615 2903
This information is provided by RNS
The company news service from the London Stock Exchange
END
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May 11, 2018 02:10 ET (06:10 GMT)
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