does anyone know of any recent news regarding bid speculation etc.

It would appear that Sky Media are offering to pay holders of 365 Media 68p per share. They are not offering Sky shares in lieu. They are also offering loan notes, but it would appear that most internet trading, nominee account holders will not be able to hold these with an an internet broker.
So, for anyone holding, the options are very limited. But it is my understanding that 365 Media will cease to exist. As it is unlikely, imo, that anyone else will gazump the Sky offer, 68p is the final bid price.

I thought I might as well accept the 68p per share which SKY was offering, so I sat tight & let my broker sort out the paperwork.
The final date was originally 2nd Jan '07, but this was extended to 16th Jan to allow people to decide if they wanted loan notes or not. I was then advised that my money should be returned to me in approx 2 weeks (i.e. end Jan). I am now advised that due to legal wrangling & complications the funds will not be returned to the broker (& my account) until march at the earliest. That will be nearly 3 months from the time the shares were withdrawn to the time I get my money.
I have a good mind to charge them interest, 'cos Mr Murdoch has effectively got my cash. Should have cashed them in before takeover, but we live & learn.
Presumably all other holders out there are suffering the same problems?