The takeover watchdog has given Global Radio five weeks to decide whether to make a second bid for GCap Media.
The Takeover Panel has given Global until 5pm on March 5 to indicate a firm intention to make a bid for GCap or it will have to wait another six months.
The panel said that it made the decision following representations made by the advisers for GCap and discussions with both companies.
GCap rejected a £310 million bid from Global Radio in December last year, saying that “the board believed that it significantly undervalued the company” (see GCap Turns Down Takeover Bid From Global Radio).
Earlier today, GCap released a trading statement announcing that it expects like for like revenue growth to be up 7% in January, with radio advertising also up 7% (see GCap Expects 7% Revenue Growth).
It added that this “represents an encouraging start to the quarter as the comparable period to 31 March 2007 was the year’s strongest in terms of revenue growth”.
GCap chief executive Fru Hazlitt will outline her plans for the group in a presentation to analysts and shareholders on 11 February.
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