UTV Shareholders Approve TWG Acquisition

Ulster TV has passed an extraordinary general meeting resolution approving the purchase of the Wireless Group, owners of TalkSport, in a deal worth around £98 million.

The move marks the first of two hurdles which UTV must overcome to complete such a purchase, with the deal still remaining dependent on approval from Michael Martin, the Irish minister for enterprise, trade and employment.

There is a deadline of June 12 by which Martin must ask the Irish competition watchdog to investigate the acquisition.

UTV’s proposed acquisition follows a failed shareholder buy-out earlier this year, led by chairman and chief executive, Kelvin MacKenzie (see Wireless Group Halts Takeover Talks With MacKenzie). However, should the deal go ahead MacKenzie will stand to receive a pay-off of approximately £800,000 from his 6.4% stake in the broadcaster.

UTV confirmed its intention to bid for TWG earlier this year, breaking silence to reveal “preliminary” discussions in April (see Ulster Confirms Possible Takeover Bid For TWG).

Wireless Group: 020 7269 7180 UTV: 02890 328122 www.utv.co.uk