Carlton Communications and United News & Media have issued a joint response to Granada’s formal statement to the Office of Fair Trading today in which it sought consent to merge with either group (see Granada Poised To Bid For Rivals). The announcement came in response to the proposed merger plans between Carlton and United, revealed in November (see Carlton And United News & Media Set For £7.8bn Merger)
In response to the news the two groups reaffirm their committment to their proposed merger and “continue to recommend it unanimously to their shareholders.” Granada’s statement, it says, is “highly qualified and contains no proposals. In particular it reserves the right to take no action whatsoever.”
Michael Green, chairman of the proposed new group said: “Carlton/United consolidates ITV and creates a world class media business. Granada’s statement endorses the logic of our agreed merger. Imitation is the sincerest form of flattery.”
Clive Hollick, chief executive of the proposed new group added: “The Carlton/United merger is strategically compelling and creates significant shareholder value. Granada’s statement today contains no specific proposals and should be ignored.”
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