Shed Media in new takeover approach

Shed Media, the independent production firm behind shows such as Waterloo Road and Footballers' Wives, has confirmed that it is in talks over a fresh takeover approach.

According to reports, members of the firm's management team have joined forces with London-based groups Bowmark Capital and Darwin Private Equity to make an offer for the public company, which is valued at around £73m.

The takeover bid marks the second time that members of Shed's management team have tried to take control of the company.

In 2008, co-founder Eileen Gallagher led a group of executive directors in a failed bid for the firm. Gallagher subsequently stepped down from the company's board, but retained her position as executive director of subsidiary division Shed Productions.

In summer 2009, it emerged that the executive directors involved in the first bid had held "preliminary talks" with Darwin and Bowmark about a further approach for the company, which also owns Richochet, Wall to Wall and Twenty Twenty.

Led by chairman Heather Rabbatts, Shed's three independent directors will now assess the approach before any further steps are taken.