Emap buys SRH

Emap has taken over Scottish Radio Holdings in a deal that values SRH at £391m.

In January 2004, Emap purchased 27% of SRH for 930p per share. In today's transaction, Emap will buy the remaining 73% of the company for 1,088p per share.

"This transaction enables us to create the highest quality independent local radio business, reaching all of the UK's major conurbations and delivering a strong position in the Republic of Ireland," said Emap CEO Tom Moloney. "This is an important step in Emap's radio strategy, one that creates real value and leaves us well placed to make the digital step that will be so important in establishing leadership of UK commercial radio."

As part of the takeover, Score Press will be sold to Johnston Press for £155m.

"Combining Emap's radio business with SRH's network of 22 highly rated stations in the UK and Republic of Ireland will create a strong national radio group with exciting prospects," said SRH CEO David Goode. "Score Press is a highly profitable and well run portfolio of weekly newspapers. It represents a very valuable asset and a good fit with Johnston Press's extensive newspaper interests. The Offer delivers significant value for our shareholders, enabling them to realise a premium in cash."