Emap launched its £71m bid for Trans World, yesterday despite opposition from existing shareholders Guardian Media. The bid follows Owen Oyston’s undertaking to sell his 22% stake to Emap, this agreement is now irrevocable. The takeover bid will be declared unconditional as soon as the shareholders have received the offer document from Emap.
Further details of Emaps arrangement with the Radio Authority have been released, explaining how Emap will not be breaching the legal limit of radio licences held by any one group. The arrangement involves Emap setting up a holding company with its merchant bank, Schroders, which will buy Trans World’s two Radio City licences in Liverpool. Emap will retain operational control of the licences and will also have an option to force Schroders to sell it its stake in the holding company for a nominal fee.
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