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.
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).