GWR Takeover Of Chiltern Looks Set To Go Ahead

GWR has announced that it now has control of 59% of Chiltern Radio PLC; it has received valid acceptances from the majority shareholders of Chiltern Radio, Capital Radio and DMGT. Capital, which has 1,297,100 shares, and DMGT, which has 1,297,175 shares, own 37% of Chiltern’s shares. EMA, which owns 648,588 Chiltern shares has also accepted GWR’s offer. In total, GWR has received acceptances for 56.8% of Chiltern shares; together with the 2.25% which GWR owned prior to the offer period, this puts the total at 59.05%.

The offer has been extended until 3pm on 24th July. Chiltern Radio opposed GWR’s bid because it believed the deal was designed for the benefit of its large shareholders and prejudiced the smaller shareholders.