Whilst SMG shareholders are said to be keen for a merger with UTV, The Times newspaper reports that the Virgin Radio owner will only consider merging with UTV if it can have a 55 per cent slice of the combined group, according to sources.
SMG yesterday announced they rejected two offers, one offering a 50/50 split, and another which would have given SMG 52 per cent of the merged company. In what seems to be press-release-tennis, UTV also released a statement yesterday afternoon saying they were keen to meet up with SMG but have not had any contact from them since August 23rd.
It is understood that UTV is considering its position and may go back with a more generous offer. Keep one eye on RadioToday.co.uk for the latest.