Directors recommend offer for RadioWorks

The radio broadcaster's two independent directors have made the recommendation, as four of the other directors are associated with Media Investments, the CanWest subsidiary company that is making the offer.

The executive managing director, Stephen Joyce, does not consider it appropriate that he make a recommendation.

Mr Joyce is a director and shareholder of Energy Investments Taranaki, the most substantial shareholder in RadioWorks other than Media Investments. Energy Investments has already publicly announced its support for the offer.

Earlier this week an appraisal report by Deloitte Touche Tohmatsu deemed the CanWest offer fair, and valued the company's shares between $9.09 and $10.27.

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