Daily Mail owner, DMGT, is close to agreeing a deal with Rothermere Continuation Limited that would see approximately £400m injected into the firm’s pension schemes.

The potential agreement with the pension trustees of DMGT’s three schemes could pave the way for a buyout of the company by Rothermere, which would see it move to fully private ownership.

Rothermere is currently the controlling shareholder in DMGT and made an indicative £810m proposal to take over the firm in July.

The indicative proposal was contingent on the sale of DMGT’s insurance risk business, the listing of partly owned Cazoo Group and an agreement with the pension scheme trustees.

The deal with the pension trustees is the last of the non-waivable pre-conditions that remains outstanding.

It was a pre-requisite of any takeover deal to ensure that the pension schemes were not adversely affected by the reorganisation process and the settlement of the special dividend.

DMGT said the announcement of the potential pension deal did not amount to announcement of a firm intention by Rothermere to make an offer for the DMGT shares.

In late October, Rothermere was granted a ‘Put Up or Shut Up’ (PUSU) deadline extension to 25 November.

DMGT has subsequently confirmed that it and Rothermere are close to agreeing the pension deal that would see around £400m paid into the three schemes, amongst other terms.

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