GCap rejects Global Radio bid
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GCap rejects Global Radio bid

MONDAY UPDATE: Soon after having their bid for Emap rejected in December, Global Radio made a move for Britain's largest commercial radio group – GCap Media. Both sides confirmed the rejected bid this morning, with GCap officially saying the offer undervalued the company.

GCap did not inform shareholders of the approach, even though Global offered £296million for the company, nearly £100m more than its stock market value.

Global Radio said, once their offer for Emap was turned down, that they are still "[i][link=http://radiotoday.co.uk/news.php?extend.2792]committed to the future and long term consolidation of the UK radio industry[/link][/i]."

"A further announcement will be made as appropriate" Global said today.

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0 0 444 07 January, 2008 Industry News 8:12 am 20081 Monday, January 7th, 2008

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