Time running out for Charles Allen’s radio buyout plan

Posted by Paul McNally on 3 March 2008 at 06:41
Tags: Media Business, Radio

Global Radio, the radio start-up chaired by former ITV boss Charles Allen, has until Wednesday to make a third and final bid for the UK’s biggest commercial radio group, GCap Media.

Its two previous offers √ 190p a share before Christmas, and 202p last week √ were firmly rebuffed by the board because they “significantly undervalued” the company.

Analysts believe a 220p offer could be enough to win over GCap’s biggest shareholders, which include the Daily Mail & General Trust.

If a third offer is made and rejected, Global is required by City takeover rules to walk away for six months before approaching GCap again.

Related: