An unnamed overseas investor has purchased a 2.7 per cent stake in UTV. The investor bought 1.4 million shares, at a cost of £3.5 million, through US broker Merrill Lynch International.

UTV said the investor had no intention of making an offer for the company, subject to "there being no material change in circumstances".

The Scottish Media Group, which has built up an 18.2 per cent stake in the company, also said it had no intention of making a takeover offer. The share price of UTV rose in late trading to close up 25 1/2p to 255p.