Local Radio Company turns down UKRD bid

The Local Radio Company (TLRC) has rejected a £1.25 million takeover bid from radio group UKRD.

Last week, Hallwood Financial made an offer of £1.8 million for TLRC, following which TLRC independent non-executive director John Perriss strongly recommended the company’s shareholders reject the bid from UKRD.

UKRD owns stations including Pirate FM 102 in the West Country and Star 107 in Cambridge and Ely.

Hallwood Financial already owns 28% of TLRC and its chairman Anthony Gumbiner is also TLRC’s non-executive chairman.

Perriss said that shareholders should reject the UKRD offer as it was lower than Hallwood’s, with Hallwood also prepared to allow LRC to remain publicly listed and offer a £1 million loan facility for working capital.