UTV plots takeover of SMG

UTV, owners of UTV Radio stations around the UK are said to be keeping a close eye on the share price of SMG with a view to putting in a ?300million pound takeover bid for the company.

Two years ago in March 2004, UTV considered a ?400million takeover of the group, but was rejected.

SMG owns Virgin Radio in the UK and last week announced that Andrew Flanagan, Chief Executive, is stepping down from his position with immediate effect and by mutual agreement with the Board. UTV own many local stations plus national AM’er talkSPORT.

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