Ulster TV has approved its offer for the Wireless Group (TWG) at an extraordinary company meeting, held yesterday.
UTV made a bid for TWG group in April, offering £98.2 million for the group, equating to 91 pence in cash for each Wireless share (see
UTV Offers £98.2 Million For Wireless).
UTV directors believe that the acquisition of TWG will strengthen the company’s position as a television and radio broadcaster in the Republic of Ireland.
However, the offer remains conditional upon the Irish Minister for Enterprise, trade and Employment not directing the Irish Competition Authority to refer the deal to the Competition Authority, requesting them to carry out an investigation into the bid.
Last month UTV confirmed media speculation surrounding a possible bid, saying that discussions were in a preliminary stage (see Ulster Confirms Possible Takeover Bid For TWG).
Reports of the sale started in February when The Times revealed that investment bank, Goldman Sachs, was advising the broadcaster following a ‘sales memorandum'(see Wireless Group To Be Auctioned).
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