The company came out with a statement pouring cold water on speculation in yesterday's national newspapers that it has been talking to the board of SRH.
It said: "For the avoidance of doubt, the board of Emap has made no formal approach to the board of SRH since acquiring its shareholding."
Emap went on to say that it believes that SRH's radio assets would be an attractive strategic fit with its own radio assets. "However, Emap has, on occasions since buying this stake, made clear that, were it to make any offer for SRH, it would not pay a price which runs counter to the interests of Emap's shareholders."
The shareholding was bought in January 2004 at 930p a share and gave Emap approximately 27% of SRH. Emap moved after the laws on radio ownership were relaxed by the Communications Act.
Stock Exchange rules on takeovers meant that for a year after the purchase Emap would have had to have paid a minimum price for the rest of the shares, but in mid-January this year this restraint expired.
Last November, SRH confirmed that it had hired a financial adviser, inflating belief that it was ready to sell to Emap.
The recent go-ahead from regulators for the merger of Capital Radio and GWR will also have increased the likelihood of an eventual offer.
In the last year, SRH's share price has fluctuated between 853p and 1003p, and this morning climbed from 948p to 967p.
SRH owns local radio stations in Scotland, including Radio Clyde and Radio Forth, Northern England, including Vibe FM, Northern Ireland, including Cool FM in Belfast, and the Republic of Ireland, including national station Today FM and Dublin-based 104FM. It also owns several local newspapers.
Emap's radio assets include the Big City chain of eight local stations in Northern England, as well as the Magic network covering Northern England and London. Its Kiss station broadcasts in London, and its Kerrang! magazine brand has been extended to a Birmingham-based station.
An Emap spokeswoman said: "Emap has always positioned itself as a buyer rather than a seller but we will only do the right deal at the right time and price."
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