Shares in Viz publisher soar today

Shares in magazine group I Feel Good, which publishes adult comic Viz, soared 15% today following news that the company is set to be sold for £5.1m (€7.2m).

Private firm Dennis Group has made an offer of 8p a share for the group through its subsidiary Choice Publishers.

The deal, which already has backing from 50.9% of shareholders, represents an 88% premium on the closing price of shares in IFG on April 23, the day before it announced it had received a takeover approach.

London-based IFG was launched by chief executive James Brown, the former editor of Loaded, in 1998 with the publication of football fanzine Leeds, Leeds, Leeds and film title Hotdog.

Dennis, whose titles include Maxim and The Week, already holds a 6.6% stake in IFG, and has received backing for the deal from a further 44.3% of IFG’s shareholders.

The group, which announced last year that it was on the look-out for acquisitions in the UK, said it would delist IFG from the Aim market as soon as possible.

By mid-morning shares in IFG were up 1p at 7.75p.

Felix Dennis, chairman of Dennis Group, said: “I believe that IFG has a positive future under our ownership, and I look forward to working with James Brown and the hugely talented team that he has built around him.”

Chairman of Choice Publishers Ian Leggett added that the addition of Viz and IFG’s other titles Bizarre, Fortean Times and men’s magazine Jack, enhanced its existing portfolio and would help it maintain its strong market position in the UK.

Mr Brown said: “Being part of the Dennis Group will provide IFG with additional muscle that the company needs to continue making real progress.”

The company received a tentative approach from an unnamed bidder last year but a deal never materialised.