The board of Trans World Communications yesterday rejected Emap’s £70m takeover bid saying that the premium of 181p-a-share was not high enough. Trans World also warned that the bid could be subject to a legal challenge, as it would breach the legal limit of the number of licences held by any one group.
Emap, which has until tomorrow to purchase Owen Oyston’s 22% stake in the commercial radio group, has declined to comment on the rejection. The Guardian, which currently owns 20% of Trans World, is considering a legal challenge to the ownership arrangements. Although the Guardian would like to make an offer for Trans World, current ownership rules prevent national newspapers from controlling local radio licences.
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