GCap Considers New Bid from Global

05 March 2008

LONDON: The UK's biggest commercial radio group GCap Media is mulling a revised offer from Global Radio. The latter has increased its bid to around £371 million ($737m; €484m) from the £313m rejected last month.

Global, headed by ousted ITV boss Charles Allen, says this final bid offers "substantially greater" value than could be achieved by GCap alone, even if the cost savings and initiatives outlined by ceo Fru Hazlitt were achieved in full.

Global hopes to make significant waves in UK commercial radio after snapping up Chrysalis Group's radio stations last year in a £170m deal.

Data sourced from BBC Online; additional content by WARC staff