The Local Radio Company (TLRC) has rejected a takeover bid from rival 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 £1.25 million offer from UKRD.
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.
UKRD owns stations including Pirate FM 102 in the West Country and Star 107 in Cambridge and Ely.
