Fri, 02 Jul 2010 | BUSINESS SALE
Shares in Scottish television production company, Shed Media, had soared, with the news that it is in talks with Warner Brother Entertainment over a buyout estimated to be worth £75 million.
The company – which was behind super-hit Footballers' Wives – saw a 7.1 per cent rise in its share price on Wednesday, rising by 5.5 pence to close at 82.5 pence.
In a statement to the stock exchange, a spokesman for the company confirmed the dialogue between them and the American media giant – with a rumoured offer on the table of £75 million - but stressed that everything was still tentative.
“The independent directors confirm that the Company is in discussions with Warner Bros Entertainment Inc, a wholly-owned subsidiary of Time Warner, working with certain members of Shed management," he said.
"There is no certainty that an offer will be made nor as to the terms on which any offer might be made."
The firm was set up by Eileen Gallagher in 1998. She stepped back as chief executive in January 2009 to run Shed Productions, but remains a member of the board and still owns 6.4 million shares or 7.5 per cent of the company. A buy-out deal of £75 million would value them at £5.6 million.
The company, which also made the hit show, Supernanny, registered a pre-tax profit rise in April of 24 per cent, helped by lower finance costs.
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