Granada to acquire Mirror's Scottish Media stake

- The Granada Group is to acquire Mirror Group's stake in the Scottish Media Group for around £110 million.

- The Granada Group is to acquire Mirror Group's stake in the Scottish Media Group for around £110 million.

The deal is dependent on Mirror Group gaining approval from its shareholders at its forth coming Extraordinary General Meeting convened for March 30.

Mirror Group holds 18.6 percent of the Scottish Media group or 12,049,714 ordinary shares for which Granada has offered 915p per share.

The acquisition would give Granada, which already owns the north-west and London weekend ITV franchises, a stake in a group whose holdings include Scottish Television and The Herald Newspaper.

However, Granada denied that it planned to make a full bid for the company unless another party makes such an offer or acquires or builds a stake of 15 per cent or more in SMG.

Charles Allen, Granada's chief executive, said: "We are delighted to have the opportunity to make this investment in Scotland's premier media company. We look forward to working with SMG in the future to benefit both sets of shareholders."





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