UPDATE 1-Speculative bid interest lifts Emap shares

(Adds detail on GMG, Apax buying 19.4 percent Emap stake)

By Gavin Haycock

LONDON, Dec 24 (Reuters) - Shares in media group Emap EMA.L jumped briefly on Monday on speculative interest as some investors took the view that a counter-bidder may pitch for the company's specialist publishing and conferences assets.

Several media analysts said the possibility of a counter offer should not be ruled out although joint bidders Guardian Media Group and Apax Partners have moved to strengthen their position by buying 19.4 percent of Emap's shares.

One leading fund manager in Emap said a counterbid was extremely unlikely given Emap has secured agreed deals and the Christmas break would make it that much harder to get relevant dealmakers and advisers together again.

"There is an outside chance, perhaps around five percent, that there could be a counter offer," said Panmure Gordon media analyst Alex DeGroote.

Shortly before midday, Emap shares were unchanged at 925 pence, having earlier surged as high as 949 pence. Although trading activity across the stock market was thin ahead of the Christmas break, around 956,000 shares had changed hands, which represents nearly half of the group's average daily trading volume.

The speculative interest in Emap's shares had lifted them above the 931 pence total cash payment shareholders are in line to receive once the company's break-up has been carried out.

In a surprise move on Friday, London-based Emap said it had agreed to sell its specialist magazines and events business to privately owned Guardian Media Group and private equity firm Apax Partners for around 1 billion pounds ($1.98 billion).