UKRD has announced a revised offer of 3.25p for the entire issued and to be issued share capital of The Local Radio Company, not already owned by UKRD.
The new offer out bids a recent proposal of 2.5p per share by Hallwood (TLRC chairman Anthony Gumbiner's company) on March 27th. Prior to that, UKRD offered 2p per share.
Today UKRD has acquired 1.42 per cent of the existing issued ordinary share capital of TLRC at a price of 3.25 pence per share. And in accordance with Rule 9 of the City Code, UKRD is therefore required to make a mandatory cash offer to acquire the entire issued ordinary share capital of TLRC not already held by UKRD, at a price of 3.25 pence per share.
With recent transactions, UKRD now owns or will own almost 40 per cent of The Local Radio Company.
Stay with RadioToday.co.uk for this continuing story.