GCap Media, owner of Capital Radio and Classic FM, has rejected a £310 million takeover bid from Global Radio.
According to a statement released by GCap, Global Radio’s proposed offer was at a price of 190p per share.
However, GCap said that it rejected the offer as “the board believed that it significantly undervalued the company”.
The offer was made by Global Radio on December 17, and was apparently rejected by Richard Eyre, the GCap chairman.
It is understood that some GCap shareholders were unhappy that they were not informed of the offer.
Global also released a statement today, confirming that it had made a bid for GCap, although it added that it was not certain it would make a follow-up offer.
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