The Daily Mail and General Trust has rejected a 242p a share offer for Chiltern Radio from CLT, the European media giant. DMGT, which owns 18.5% of Chiltern Radio, said CLT’s £16.9m bid undervalued the company, and so therefore has no intention of accepting the offer.
DMGT is seeking to buy a further 9.99% of Chiltern Radio today, at a price of 300p per share in conjunction with European Media Partners. If successful the share acquisition will take the combined stake of DMGT and European Media Partners in Chiltern Radio to 28.49%
Chiltern’s shares were up 40p to 280p.
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