Here JP’s summary of the proposal:

JP proposes to acquire i for £24m* at a 4.6x multiple of its 2015 full year profit of £5.2m Key benefits:

● Greater reach: The combination creates UK’s 4th largest print publisher with over 600,000 paid copies a day

● Increased scale: Greater reach improves ability to gain greater share of national advertising market

● Growing revenues: i has growing circulation revenues, and new opportunities arise from: the proposed digital product; new geographic markets; and from cross-selling JP to i’s advertiser base and vice-versa

● Accelerated digital transformation through: leveraging JP’s digital expertise to fully realise the i brand across digital platforms; extensive JP network enables cross-promotion to grow audiences at minimal cost; the regionally-oriented digital display network 1XL is enhanced by the addition of a national brand Key financial benefits:

● Immediately earnings enhancing

● Strong cash generation

● Cost savings and revenue synergies

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