UKRD has outbid Hallwood Financial to take control of The Local Radio Company.
Both bidders increased their offers yesterday, with UKRD raising its offer price to 4 pence a share from 3.25 pence a share, while Hallwood upped its from 4 pence a share to 5 pence a share.
Hallwood’s latest offer was a 54% premium on TLRC’s closing price of 3.25 pence on 8 May.
UKRD now owns 50.09% of the existing issued share capital of TLRC.
Last week, TLRC recommended its shareholders accept the 3.5 pence per share bid from Hallwood. This followed Hallwood’s move to increase its offer from 2.5 pence a share to 3.5 pence a share and to offer TLRC a £1 million loan facility to meet its immediate cash requirements. Hallwood owns about 28% of TLRC.
