Sale of Clare FM and Tipp FM no longer proceeding

Radio Kerry is no longer buying Clare FM and a controlling percentage of Tipp FM, according to a report.

The Irish Times has a statement from Clare FM Chairman Maurice Harvey saying the deadline has passed without completion despite the best efforts of all involved.

The Managing Director of Clare FM and Tipp FM, Liam O’Shea, added: “We have written to our shareholders and want to assure them that the board and management will continue to consider appropriate development opportunities for the betterment of all concerned.”

Back in January, Radio Kerry’s board has approved an offer to the shareholders of Clare Community Radio Holdings Ltd. to purchase the entire share capital of the company, Clare FM, and has also made an offer for Clare FM’s controlling interest in Tipp FM.

Radio Kerry had no comment to make on the deal when contacted by RadioToday.

Founding Chief Executive of Clare FM, Caimin Jones, told the Irish Times: “The failure of Radio Kerry to take over Clare FM – not once but twice – reflects very badly on both stations.

“No reasons have been given for the latest collapse. Shareholders, especially the small subscribers who did so much to support Clare FM in difficult times, deserve a great deal better.

“The Broadcasting Authority of Ireland should have a good hard look at what went wrong in the 2008 attempt as well as the latest fiasco.”

The latest offer was €7.50 per share – significantly less than the €20 per share previously offered in 2008.

If you liked this story, we can email you more radio news and alerts. Just fill in the form below.

Get real time updates directly on you device, subscribe now.

You might also like