SMG has turned down a revised merger bid from UTV under which SMG shareholders would have received 52% stake in the combined company.
SMG said that it rejected the revised bid as it did not reflect the value of the company. In a statement SMG said that it rejected the revised bid for the same reasons it rejected the original bid made earlier in the month: “The Board of SMG has examined the revised proposal in detail and having had further discussions with UTV and its advisers, the board of SMG has decided to reject the revised proposal for the reasons outlined above.”
SMG added: “The board of SMG has reiterated its offer to meet with the board of UTV to discuss a potential merger which addresses the factors previously explained to them; that offer has not been taken up by UTV.”
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