RDF close to£53m management buyout

The group's independent directors, Richard Eyre, Maggie Carver and Time Weller, said in a statement this morning that they have received an indicative cash proposal from the executive directors and De Mol's firm Cyrte Investments, and that they expect to announce a recommended offer of 120p a share “in the coming weeks”.

However, there is still “no certainty that a formal offer will be made,” the directors added.

The news follows an announcement in April that RDF's management had mounted a bid for the group - but the deal has taken far longer than expected to close.

On the production side, RDF Media comprises RDF Television, Touchpaper Television, Presentable, IWC Media, The Comedy Unit, The Foundation and Radar, as well as an American arm, RDF USA. It also has a substantial distribution business, RDF Rights and Management.

In addition to Wife Swap, it produces Secret Millionaire and Don't Forget the Lyrics, and is currently working on a major CBeebies commission, Waybuloo.

In September, RDF Media reported that in the six months to the end of July it had widened its pre-tax loss to£1.5m, compared to£199,000 in the same period the previous year. Revenues rose over the same period from£51.6m to£57m.

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