Industry sources said that the company would like to be one of the companies included in the shortlist of bidders which will be compiled in three weeks time after Emap has received indicative offers from interested parties.

It is believed that Emap is seeking over 200m for the stations but it is understood that Doughty Hanson would be unwilling to pay that much.

Meanwhile, UTV should be able to launch a bid for Emap's three Irish radio stations, Today FM, FM104 in Dublin and Donegal's Highland Radio, without failing foul of the Broadcasting Commission of Ireland (BCI) if it wished, according to new market share figures.

Under the BCI's ownership policy, no single media group can hold a significant interest (a holding of more than 10%) in more than 25% of the state's radio licences.

However, the BCI has confirmed that, following the issuing of the new midlandsnortheast youth licence tomorrow, UTV's share of the licences will fall to 15.15% while Emap's will slip to 9.1%, meaning that a merged entity would creep under the 25% threshold.

Denis O'Brien's Communicorp's share of the licences will also fall to 15.15% if it fails to win the midlandsnortheast youth licence. But industry sources have said that it is unlikely that it will be able to obtain BCI approval for a takeover of the Emap stations because such a move would result in its owning almost all Dublin's local radio stations.

However, Emap's hopes of selling one of it three stations, Today FM, will hinge on a BCI board meeting tomorrow, where the board will consider whether to grant it special permission to sell the station within two years of its licence being renewed.

Under BCI regulations, there is a two-year moratorium on the sale of the stations after they are renewed. But industry sources believe that the BCI will waive this requirement for Today FM.

Today FM's chief executive Willie O'Reilly said that Emap was confident that it would secure the necessary permission. "Our argument is that it's an Irish company run by Irish management and the most important aspect is the continuity of staff." KG