AFX News reports that the Guardian Media Group’s 180p per share cash offer for Jazz FM is going ahead, since no competing offer has yet been made that would have reversed the acceptance from Jazz FM’s main shareholder (see Guardian Media Group Makes £41m Offer For Jazz FM).
The Board of Jazz FM has so far advised its shareholders to take no action with respect to the £41 million bid, although the station’s principle shareholder – Clear Channel International with 30.9% – has agreed to the takeover.
Consequently, and given no competing bid, the offer is now binding unless it lapses or is withdrawn.
