UTV bids for commercial radio group

ULSTER Television has launched a €130 million bid for The Wireless Group, which runs Britain’s largest commercial talk radio station.

The offer, pitched at 91 pence per share, represents a premium of around 10.3% over Wireless’s closing price of 82.5p on April 18, the last dealing day prior to the date on which UTV announced it was in talks with the company.

Patrick Cox, an independent non-executive Wireless director, said the offer included a share alternative for shareholders wanting to maintain exposure to the growing British radio market.