Apax and Guardian Media Group, who last week agreed to buy Emap, have acquired a 19.4 per cent stake in the group in a classic defence strategy to ward off other potential bidders.

Shares in Emap built on Friday’s gains, adding a further 6.5p to 931.5p in early trading.

Analysts at UBS said this morning in a research note that there was a "fair chance" of a counter offer. The broker reiterated its buy recommendation and 950p target.

On Friday, Emap said it had recommended a 470p per share cash takeover offer from Eden Bidco, the buy-out vehicle of GMG and Apax, which values the company at £1 billion.

The deal is a reversal of strategy, as Emap said just two weeks ago that it would withdraw the sale of its business-to-business unit and run it as a stand-alone operation under chief executive Derek Carter. Mr Carter is set to remain at the company.

Earlier this month, the media and publishing company agreed to sell its consumer media and radio operations to Germany's Heinrich Bauer Verlag KG for £1.14 billion meaning that the operations being acquired by Eden Bidco will comprise a focused business-to-business media company.

At the time of the Bauer deal, Emap announced plans to return £1 billion to shareholders by way of a special dividend of 461p in cash.

Eden Bidco said Emap shareholders would now receive 931p per share in cash - a 22.6 per cent premium to the closing price of 759.5p on December 20.

Eden Bidco said today that it had bought 41.95 million shares in Emap for 931p per share, and now owns a 19.4 per cent stake in the company.

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