CLT’s Chiltern Bid Fails

CLT, the European media group, has conceded defeat in its attempt to break into the UK radio market by giving up its takeover offer for Chiltern Radio. The group has said that it intends to allow the £16.9m offer, which closes on Friday, to lapse unless it has won 50% support. This is all but impossible because three Chiltern shareholders, Daily Mail & General Trust, Capital Radio and GWR own more than 50% and have opposed CLT’s 242p a share offer.