Wireless Group Halts Takeover Talks With MacKenzie

The Wireless Group has ceased discussions with chairman and chief executive, Kelvin MacKenzie, over the possibility of a shareholder buy-out of the firm by a consortium of senior management figures.

The talks between MacKenzie and TWG are understood to have ended after the outspoken radio chief lost the backing of a private equity group. However, the company has authorised MacKenzie to continue discussions with other potential investors and has not ruled out privatisation of the company.

In addition, TWG said that it has received expressions of interest from other parties who are considering an offer for the company, with discussions currently being held between TWG and several third parties. However, the company was keen to state that no proposal has yet been submitted by any parties and there is no certainty that any discussions, including those involving MacKenzie, will lead to an offer being made.

Earlier this month TWG said it had received a proposal regarding a possible cash offer for the company from senior management figures, including MacKenzie, with reports suggesting that the group was preparing to take the company private in a £100 million deal (see MacKenzie Outlines Plans For Wireless Group Purchase).

Wireless Group: 020 7269 7180

Recent Radio Stories from NewsLine SMG Rejects 3i Offer For Virgin Radio GFK Pulls MediaWatch From RAJAR Audiometer Tests Digital Radio Penetration Hits Record Level

Subscribers can access ten years of media news and analysis in the Archive