British media group Mecom has rejected an informal approach from a group of big Dutch banks to take a controlling stake in newspaper group Wegener, according to British media reports.
Rabobank, ING and ABN Amro are said to have approached Mecom last month, looking for up to 50% of the regional newspaper group.
Wegener generates almost 80% Mecom’s operating profits and half of total advertising and circulation revenue.
According to the Guardian, Stephen Davidson, who took over from Mecom founder and chief executive David Montgomery after he was ousted in January, ‘flat out’ rejected the proposal.
Wegener managers want answers from Mecom
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