Scottish Radio Meet To Discuss Counter Bid For Border

The board of Scottish Radio Holdings is believed to be meeting this weekend to discuss the possibility of making a counter bid for Border Television. Capital Radio topped its takeover offer for the Scottish television group yesterday (see Capital Radio Wins Battle For Border), and SRH is now believed to be preparing a counter bid.

A spokesperson for Scottish Radio confirmed that they were getting together to discuss making another offer for the group. Last week Border urged its shareholders to reject the £100 million unsolicited offer from Scottish Radio, which it believed undervalued the company. SRH then raised its offer for Border to £141 million, which it said would be its final offer unless a third party became involved (see Scottish Radio Raises Bid As Border Shares Rise).

When Capital Radio put forward a £146 million bid yesterday, it was accepted immediately by Border Television.

Today a spokesperson for Border said that the group is happy to prolong the bidding process “if the price is right.” He continued: “We are not in a position now to say who we prefer. The group’s duty is to its shareholders.”

Scottish Radio Holdings: 0141 306 2242 Border Television: 01228 525101