July 27 (Bloomberg) -- Emap Plc, the owner of London's Magic 105.4 radio station and Grazia magazine, said it may sell or spin off units after receiving unsolicited offers. The stock rose the most in seven years.

``All options to maximize shareholder value will be examined,'' Emap said today in a Regulatory News Service statement. The company has retained Citigroup Inc. and Lazard Ltd. as advisers, according to the statement. The shares rose as much as 17 percent.

Emap, whose Magic 105.4 is London's most popular commercial radio station, is exiting some businesses where advertising has slumped in a bid to cut debt. Earlier this month it completed the sale of its French exhibition unit Agor to GL Events SA for 85 millions euros. The London-based company ousted Chief Executive Officer Tom Moloney in May after ad sales fell at its consumer titles, such as Zoo magazine, and sold its Irish radio stations to billionaire Denis O'Brien on July 16.

Emap ``remains on track'' to meet its targets for the 2008 financial year, according to the statement. The search for a new CEO ``will continue in tandem with the review,'' it said.

Shares of Emap rose 94.5 pence, or 12.4 percent, to 858 pence in London, valuing the company at 1.85 billion pounds ($3.8 billion). The stock has risen 6.3 percent so far this year.

To contact the reporter on this story: Mark Herlihy in London at mherlihy1@bloomberg.netPeter Morley in London on pmorley1@bloomberg.net

Last Updated: July 27, 2007 12:17 EDT