Little Interest In Chrysalis Auction
Response to Chrysalis’ auction of its radio operations has not reached the demand levels anticipated, according to reports in today’s Financial Times.
Bids were expected from UTV as well as several private equity firms, however these have not materialised, while Guardian Media Group ruled themselves out from the bidding last month.
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.
