British media group SMG said yesterday it had raised its stake in Scottish Radio Holdings to 27.7 per cent after purchasing a further 275,000 shares. SMG said it bought the shares, which represent 2.8 per cent of Scottish Radio (SRH), at £15.871/2 sterling each, paying a total of £14.6 million sterling (#22.98 million).
Scottish Radio is the second largest regional newspaper publisher in the Republic and also owns Ireland on Sunday and a 22 per cent stake in independent radio station Today FM.
SMG has been building its stake in the group which also owns the Radio Clyde station in Glasgow and Edinburgh's Radio Forth, since December. SRH at that time said it was in take-over talks that could lead to an offer for the company.
Industry sources close to Scottish Media said recently the firm was not planning any bid for the company but would retain it as a strategic stake.
For SMG, a 29.9 per cent stake is the maximum that can be held without triggering an offer for the whole company.
Scottish Radio's shares were trading at £15.95 sterling at lunchtime yesterday, valuing the company at £527 million. Shares in SMG, worth £730 million, were trading at 236p.
