Global Radio chairman Charles Allen has hit out at GCap Media's new chief executive Fru Hazlitt following newspaper speculation over the weekend about her plans for the company. Charles spoke publicly for the first time on Global Radio's takeover attempted takeover.
Charles told the Financial Times that he believed the issues facing Fru Hazlitt were simple. "To match the value of our offer of 190p a share, she has to present to shareholders a plan to treble profits, not just double them. Doubling them only gets you to around 140p. We look forward to reviewing [Ms Hazlitt’s] transformation plan."
Ashley Tabor, Global’s chief executive, also has comments to make to the newspaper: "As you know, we are actively looking at a couple of opportunities. We are willing to take part in consolidation of the UK radio industry, providing the price is right and it is opportune, and are considering this as one of a number of options."