Bristol based radio group GWR has launched a £3.5 million bid for Mid Anglia Radio. This offer, in cash or shares, is significantly higher than the bid put in by East Anglia Radio last week.
GWR has already received acceptances for its offer from holders of 50.46% of Mid Anglia’s shares. If successful, the bid would take the number of local radio licences held by GWR to 21, one more than allowed. GWR also holds a 17% stake in Classic FM.
Mid Anglia, which comprises CNFN, Hereward, KLFM and Worlds Greatest Music Station, made a pre-tax loss of £2.14m for the 12 months to September 1993. GWR returned pre-tax profits of £913,000 for the same period.
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