Shed reveals bid rejection

Shed Media, the television production company responsible for Bad Girls, Who Do You Think You Are? and Waterloo Road, yesterday admitted it turned down a management buyout last year.

The company announced yesterday that it received an "initial indicative approach" from a consortium including the executive directors last summer. The consortium, including Eileen Gallagher, who stepped down as chief executive in December but remains on the board, presented a revised offer the same month, but Shed, advised by Lazard, rejected the approach. The group announced the bid valued the shares at 100p each. The shares rose 11 per cent to 68.5p yesterday.