Multi-media group, Emap, has expressed an interest in acquiring rival broadcaster Scottish Radio Holdings (SRH), but has made no formal approach to SHR since it bought its 27% holding in the group in January 2004.
The board of Emap said in a statement to the City that the radio assets of SRH would be an attractive strategic fit with Emap’s existing radio assets.
However, Emap has previously stated that any bid made for SRH’s radio portfolio would be made at a realistic price, with the company eager to avoid paying over the odds for the broadcaster. The board stated today that it would keep the situation under review.
Industry speculation about a possible takeover bid have been rife since the beginning of 2004, fuelled by a report in the The Scotsman last summer claiming that Emap chief executive Tom Molney had drawn up plans to make a bid for the remaining SRH shares (see Rumours Surround Emap Take Over Of SRH).
Emap recently released a positive trading statement, forecasting group revenues to rise by 2% for the year ending 31 March, and predicting a “solid” year on year growth in 2005/06 (see Emap Reveal Positive Trading Statement).
SRH also issued a upbeat pre-close statement, showing group revenues for the first six months of the financial year to be 11% up on last year, while like for like revenues predicted to have increased by a healthy 4% (see SRH Reveal Strong Performance For First Half Of Financial Year).
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