Shareholders in broadcasting company RadioWorks (NZSE: RWL) are being advised not to sell their shares until details of a possible takeover are known.
The company's directors have told the NZSE that they are aware that a takeover offer may be forthcoming for all of the shares in the company.
RadioWorks is New Zealand's second-largest radio network and is majority-owned by Canadian media group CanWest, which also owns TV3, TV4 and the More FM stations.
Last month the company reported a five-month profit to the end of August of $0.5 million on advertising revenue of $22.3 million, and said trading had been up to budget for the first two months of the new financial year.
In recent months there has been speculation that Australian-listed television company Ten Network was looking at buying CanWest's New Zealand operations. Ten Network in turn is majority-owned by CanWest.