Scoot.com rescued by £45m bid
Online business directory - Scoot.com - has escaped the breakers yard after selling its classified ads business, Loot, to the Daily Mail for around £45 million.
The deal still needs shareholder approval but the rescue bid does at least ensure that Scoot.com survives for a while longer.
As part of the agreement, the Daily Mail and General Trust plc (DMGT) has agreed to provide £10.5 million bridging loan which will provide £7 million working capital once Scoot.com repays £3.5 million in bank loans.
Had Scoot.com not entered the arrangement then it would have run out of cash by the end of the month.
Last month Scoot.com flogged its 50 per cent stake in Scoot Europe to Vivendi for 1 Euro - about 63p - in a bid to keep its business afloat.
At midday shares in Scoot.com had nudged up .47p (23 per cent) to 2.5p. ®