Dutch media mogul John de Mol raised his bid for the Telegraaf Media group to €6.50 per share on Sunday evening even though it was announced earlier in the day that TMG and Belgium-based Mediahuis had reached agreement on a takeover.

TMG is the only major Dutch media group not already owned by Belgian interests.

TMG’s supervisory board suspended its own management board on Friday, suspecting its two members of working with the TV producer John de Mol’s Talpa group in its efforts to acquire the company.

The Mediahuis/VP Exploitatie combine raised its bid by €0.10 to €6 per share valuing TMG at €279m. Thus the Talpa bid is worth €0.50 per share more than the Belgian offer.

Safe haven

Guus van Puijenbroek, director of VP Exploitatie, said on Sunday there was no reason to change course. ‘Our family has made its own decision after careful analysis. Price is one thing, but we want TMG to find a safe haven. Mediahuis has a proven track record, De Mol does not,’ he told the Telegraaf.

Van Puijenbroek is also a member of TMG’s supervisory board but has recused himself from that role during the takeover battle.

Mediahuis and the Van Puijenbroek family made their initial bid for TMG on 14 December. The combine now holds 69% of TMG shares. DeMol/Talpa have a 21% stake in TMG. It wishes to merge its radio and television interests with TMG to create an ‘independent Dutch multimedia company’.

De Mol received the support of TMG’s central works council, the Financieele Dagblad wrote on Monday.