Break-up guidance to overshadow Emap update

By Gavin Haycock

LONDON (Reuters) - Trading news from media group Emap EMA.L on Thursday is expected to be overshadowed by its potential sale or break-up amid a strategic review that has attracted dozens of approaches from potential bidders.

The investor update by the magazines, trade shows and radio group comes a month after it said trading had been encouraging.

"The market is likely to want confirmation that the radio market continues to be 'more positive' and that the confidence in consumer magazines is persisting -- and the outlook given the current credit crunch," Citigroup analysts said on Wednesday.

The company, which has been without a chief executive since May, said in late July that after receiving numerous unsolicited approaches it was looking at a possible sale or demerger with Citigroup and Lazard hired to oversee its strategic review.

Since then, Emap has attracted more than 20 initial approaches from private equity and trade buyers.

Over the same period, shares in Emap have outpaced the FTSE media sector .FTASX5550 by around 4 percent. They fell back from their 52-week high at 917 pence last month amid the turmoil in global financial markets.

A Reuters poll of seven analysts has break-up valuations on Emap ranging from 910 pence to 1,100 pence.

The shares were down 1 percent at 854 pence in afternoon trading, valuing the company at around 1.9 billion pounds ($3.83 billion).