UK media group SMG says it has rejected a revised merger proposal from UTV that would have given SMG shareholders a 52% stake in the combined company.
SMG, which owns Virgin Radio, most of Scotland's commercial TV network and neighbouring Grampian TV, said it has offered to meet with UTV to discuss a potential merger on mutually acceptable terms. It added that UTV has not yet taken up the offer.
SMG had already rejected a merger proposal that would have resulted in its shareholders getting a 50% stake in the combined company.
UTV operates the ITV franchise in Northern Ireland and also owns TalkSport radio as well as several radio stations in Ireland, including Dublin's Q104 and LMFM in the Co Louth area.
The approach from UTV came after SMG Chief Executive Andrew Flanagan abruptly resigned in July after coming under fire from investors who were unhappy with the company's performance.
Shares in UTV had slumped over 7% after the news. The shares closed down 41 cent to €5.09 in Dublin this evening.
