United News and Media Announces Intention To Repurchase Shares
The board of United News and Media (UNM) has decided to exercise the option in its merger agreement with Granada Media which allows it to receive cash of £1,250m instead of Granada Media shares as the balance of consideration for UNM’s ITV and related assets.
In September the company announced that if it took the cash option, it would return the proceeds to shareholders. This will be carried out through a share repurchase, which will take place after preliminary results for the year are announced at the end of February 2001, in order to satisfy regulatory restrictions on the procedure. The terms of the repurchase are expected to be announced shortly after February’s results.
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