Global Radio, which made a £313 million bid for GCap Media in December, said yesterday that it is keeping its options open regarding another bid.
GCap rejected Global’s original bid saying that it “significantly undervalued the company” (see
GCap Turns Down Takeover Bid From Global Radio).
In a statement to the City last night, Global said it could make a fresh offer or choose to walk away.
At the end of January, the Takeover Panel gave Global until 5pm on March 5 to indicate a firm intention to make a new bid (see Global Radio Gets Five Week Deadline For New GCap Bid).
Global said: “While Global Radio retains the right to make an offer, there can be no certainty that it will do so. This announcement does not constitute a firm intention to make an offer.”
At the start of the week, GCap Media’s chief executive, Fru Hazlitt announced the intended sale of the group’s majority stake in Digital One, and a move away from DAB digital radio (see GCap Media Unveils “Radical” Profit Boosting Measures).
The “radical but realistic” sets of measures are intended to boost profits and maintain long term growth for the company, which include the closure of some digital stations and the selling off of some licences.
Related Links
