Independent Radio Group In Bid Rumours

The Independent Radio Group (IRG) is the subject of a rumoured takeover bid, the second in as many weeks. The group, which owns six commercial radio stations in the north-west and Scotland, is currently linked to a deal with Talk Radio, believed to value IRG at around £22 million.

Reports add further speculation to rumours about the group which began on Friday 10 September when the IRG was forced to make an announcement to the Stock Exchange after takeover rumours pushed its share price up by a third to 88p. At the time the group’s chief executive Michael Connolly confirmed the company had received an approach but played down speculation of a takeover, saying that the group is constantly approached by bidders and explaining the rise in share prices as an extraordinary coincidence.

The rumours continued however, with the Guardian Media Group pinpointed as the most likely candidate to make a bid. John Myers, managing director of the radio division at GMG, was today unable to comment on speculation that he has been involved in talks with the IRG.

Talk Radio declined to comment when contacted by Newsline. There was no one available to comment from the IRG.

Independent Radio Group: 01942 777666