UK Takeover Regulator Intervenes in Radio Bid Stalemate

28 March 2008

LONDON: Foot-dragging Global Radio has been set a new deadline by Britain's Takeover Panel to decide whether or not to proceed with its bid for the nation's largest radio company GCap Media

Global, chaired by ousted ITV chief executive Charles Allen (pictured above), has been dithering over the deal since December when it first dangled a £1.90-per-share offer for GCap, upping that to £2.02 at the end of February.

The Takeover Panel then extended its initial deadline of 5 March until Wednesday of this week when at 3pm that afternoon another stay was granted by the regulator – this time  to Monday 31 March at 5pm.

The extra time was granted after GCap agreed to enter talks about a third conditional offer at £2.25 a share, valuing the company at £371 million ($742.7m; €471.23m).

Data sourced from; additional content by WARC staff