SMG share price plunges on UTV pull-out

NEWS that Ulster Television was officially withdrawing from merger talks with SMG yesterday plunged the Glasgow company’s share price by a massive 9.73 per cent, to 67.25p per share, down 7.25p during the course of the day.

The UTV move follows SMG’s rejection of two merger proposals from it, the first offering SMG shareholders a 50 per cent stake in the combined entity, the second 52 per cent.