Hurrah. Attempted takeover News. The Chrysalis Group has announced to the stock exchange that it is considering making a formal offer for the Guardian Media Group's Radio Division following media speculation that such a takeover was on the cards. They went on to say, however, that 'there can be no certainty that a transaction will be forthcoming.' GMG's Radio interests include
Jazz FM in London, Smooth FM in North West England and the **Real
Radio** franchises in south Wales, Scotland and Yorkshire.
Chrysalis, who own London's Heart FM, are keen to consider deals which may counter the increased threats of competition following the relaxation of licence ownership rules last year and the above mentioned merger of Capital and GWR. The company has been aggressively pursuing GMG's Radio Division for several months in line with its stated strategy of continuous review of acquisition opportunities which complement their existing radio businesses.
GMG
Chief Executive Bob Phillis responded immediately to the effect that there was no strategic reason to sell its radio interests and that the group is financially sound, adding that: "Unless and until we have received an offer, we have got nothing to consider."