Lord Rothermere, whose great grandfather founded the newspaper empire in 1896, announced the buyout bid for Daily Mail and General Trust in July.
The Daily Mail reportedly overtook Rupert Murdoch’s Sun as Britain’s biggest tabloid newspaper last year, and last month it had a circulation of about 900,000, according to the Press Gazette.
Shareholders rejected his first offer as too low but enough of them accepted a revised bid, increasing his stake to nearly 85% of DMGT and allowing him to delist the stock.
The buyout comes after DMGT met certain conditions laid down by Rothermere, including the sale of its insurance business RMS to Moody’s for £1.4 billion cash.