Response to Chrysalis’ auction of its radio operations has not reached the demand levels anticipated, according to reports in today’s Financial Times.
Chrysalis had hoped the auction would reach £180-£200 million, although the FT states that some valuations have struggled to get above £160 million.
Leading up to the announcement of the review in mid-February (see Chrysalis Initiates Formal Review of Strategic Operations), Chrysalis shares rallied, hitting a peak of 158½ on 13th February, although shares have dropped since then, with yesterday closing at 124¼.