(Bloomberg) --
Daily Mail chairman Lord Rothermere cut the number of shareholders he needs to accept his proposed takeover of the newspaper company after facing opposition.
Rothermere upped his initial offer for Daily Mail & General Trust Plc by 5.9% to 270 pence, according to a statement Thursday. But he also lowered the shareholder acceptances required to clinch the deal to 50% from 90% after major investors J O Hambro Capital Management and Majedie Asset Management called the first offer unfair.
Shareholders will have until Dec. 16 to decide on the new offer, which Rothermere's family trust said was final. Majedie holds 4.5% and J O Hambro said it owns 3.3% of DMGT's Class A shares, as well as advising on a further 2.6% stake.
If Rothermere hits the 50% threshold, shareholders who decline to sell will continue to own shares in the private entity after it de-lists. Between the one third of DMGT shares it owns and the letters of intent to accept its offer, 41.8% are currently set to vote in favor, according to the statement.
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