According to reports in the Independent on Sunday, institutional investors have met with Granada executives over concerns about whether the deal, which will create a single ITV company, is a fair one giving shareholder maximum value.
Under the current terms, when Granada and Carlton merge, Carlton shareholders would get 32% of the combined group, and Granada would get the remaining 68%, as well as an additional £200m in cash.
Since the merger was announced in October, shares in Carlton have risen by 32%, while shares in Granada are up by 38% -- reflecting its stronger balance sheet.
The investor concerns are said to be shared by Granada chairman Charles Allen, who is also concerned that Granada might not be getting the deal it deserves.
However, Allen is also worried about potentially jeopardising the merger, which has taken years to negotiate.
The details of the merger are already uncertain, however, over competition concerns. Advertisers are pushing for the merged company to have a separate sales house to avoid an airtime sales monopoly. The Competition Commission is delaying its decision on the merger by two months to look at proposals for dealing with the problem.
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