After a protracted takeover bid, UKRD finally have the controlling share in The Local Radio Company. They now own (or will own) 50.09 per cent of the existing issued share capital of TLRC.
UKRD revised their offer yesterday, putting a price of four pence a share to TLRC, before that there had been offers of 2p and 3.25p on the table. As with previous offers this was quickly followed by a counter offer by Hallwood of five pence just after the markets closed. Though the TLRC Board have opted to accept UKRD’s lower offer.
TLRC shares were listed at 3.75 pence at 18:04 on Tuesday on the London Stock Exchange.
The Local Radio Company owns Alpha Radio, 107.8 Arrow FM, Durham FM, FIRE Radio, Isle of Wight Radio,Minster FM, Minster Northallerton, Mix 107, Mix 96, 107.4 The Quay, 106.9 Silk FM, 107.5 Sovereign Radio, 102 Spire FM, Spirit FM, 97.2 Stray FM, 103.4 Sun FM, 2BR, Wessex FM and two Yorkshire Coast Radio branded stations.
UKRD owns County Sound Radio 1566 MW, 96.4 Eagle Radio, KL.FM 96.7, Pirate FM, Star Radio Cambridge and North Somerset's Star Radio.
Further to UKRD's announcement, Hallwood have since withdrawn the final offer of 5p a share they made on 5th May.
Commenting on the withdrawal, Anthony Gumbiner, Chairman of Hallwood and Non-executive Chairman of TLR, said, "It would be ungracious of me not to congratulate UKRD on its victory and I wish UKRD well. To fight and win a contested takeover battle is no small thing especially in the middle of the recession. I will do all I can to make the Board transition as easy as possible."