Scottish Radio Holdings (SRH) has taken its hostile takeover bid to the shareholders of Border Television today, in a letter detailing the terms of its offer (see Scottish Radio Launches £116m Hostile Bid For Border TV). The Board of Border says that the proposals represent a ‘significant undervaluation’ of the group and is not recommending the deal to shareholders.
Scottish Radio is offering Border either 10 new SRH shares for every 17 Border shares held, or a cash sum of £10.25 per Border share. The paper offer values each Border share at approximately £10.54; Border’s stock price at 4:30pm today stood at £11.55.
The actual value of the takeover has dropped slightly from £116 million to £114 million, due to falls in Scottish Radio’s share price.
Scottish Radio Holdings: 0141 306 2242Border Television: 01228 525 101
Media Jobs
Hello. We have downloaded cookies on your device. Some of these cookies are essential for the website to function. Others are non-essential and are used for analytics and advertising.
We need your consent for these types of cookies.
To withdraw your consent or change your cookie choices, please do this through your browser settings.
Otherwise, click OK to accept and continue.
