Ousted chief in bid for Mirror

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The Independent Online
DAVID MONTGOMERY, ousted chief executive of Mirror Group, is considering a takeover bid for the company.

The possible "return of Monty" was announced in a statement that read: "David Montgomery confirms that he is in discussions with a number of financial institutions which may or may not lead to an offer for the Mirror Group plc."

While Mr Montgomery is busy trying to raise the pounds 1.5bn the company is said to be worth, the newspaper group issued a statement: "Mirror Group has not received an approach, nor has it been in discussions with Mr Montgomery in relation to a possible offer."

Mr Montgomery, best known for a draconian approach to cost-cutting, was ousted in January during a bitter wrangle over a takeover bid from the regional newspaper group Trinity. Since he left, Mirror Group's share price has risen by more than 50 per cent, and the papers are now a far more expensive buy - not only for Trinity, which remains interested, but also for a rival newspaper group, RIM.

The parties are waiting for the release of a Competition Commission report in the next few days, declaring whether the bids can go ahead.

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