Scottish Radio Holdings has announced that it has received approaches from a number of parties and is currently in discussion regarding the possible sale of the company. The group has been the subject of takeover rumours since rival SMG increased its stake in the group twice in as many weeks.
Interest in SRH, which has businesses spanning newspapers, radio and outdoor advertising, has intensified since last week’s Communications White Paper, which raised the possibility that changes in the regulation surrounding radio ownership would be discussed. The group is now believed to be worth £530m, following yesterday’s closing share price of £16.02½, an increase of 15p.
SMG, which now holds a 20.8% stake in the group, is the main contender for a full buy-out. But Scottish Radio has showed little interest in its suitor, advising its shareholders to take no action following the initial raid on its shares .
A number of other interested parties have been mooted, including Clear Channel International, which may team up with the Guardian Media Group to make a bid for the group.
A further announcement from Scottish Radio is expected.
