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| Emap holds firm over radio deal |
| Written by Business Weekly | |
| Tuesday, 07 June 2005 | |
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Emap has maintained it is not willing to pay over the odds for Scottish Radio Holdings (SRH) following the rejection of a bid for Scotland’s biggest radio group that valued the Glasgow firm at over £370 million.
Emap has maintained it is not willing to pay over the odds for Scottish Radio Holdings (SRH) following the rejection of a bid for Scotland’s biggest radio group that valued the Glasgow firm at over £370 million. Peterborough-based Emap offered 1,040 pence in cash per share, which the SRH board rejected, stating that the Emap valuation was at a significant discount to current market estimates and that it had not ascribed a value to SRH’s Vibe stations beyond their development stage cashflows. Emap said it was disappointed by the SRH reaction, adding that SRH’s share price had not closed at or above 1,040p since 11th June, 2001. Emap holds approximately 27 per cent of SRH, which it acquired in January 2004 at a price of 930p per share.
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