Scottish Radio finally falls to Emap.

Investors Chronicle, June, 2005

Scottish Radio Holdings (SRH) has recommended a cash takeover offer from Emap, the media conglomerate, in the second major deal to hit the radio sector. Emap is paying 1,088p a share for the 63 per cent stake in SRH that it doesn't already own, which values SRH at GBP391m. Emap plans to sell off SRH's local newspaper business, Score Press, to Johnson Press, the local newspaper group, for GBP155m. It will then be left with 22 local radio stations, which have been among the strongest performers in the sector.

When SRH's debts and adviser fees are added in, the total cost of the deal is GBP345m. But the net cost, once Score Press is sold, is a more reasonable GBP190m. And that's not going to put any financial pressure on Emap, which is valued at over GBP2bn....

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