John Perriss, an Independent Non-Executive Director of The Local Radio Company, is advising shareholders to take Hallwood's latest offer.
In a Regulatory Announcement on Tuesday afternoon, Perriss said: "The Revised Offer provides certainty of value to TLR Shareholders through a cash offer, at a time of equity market and macroeconomic instability.
Hallwood has [link=http://radiotoday.co.uk/news.php?extend.4676.2]offered[/link] 3.5 pence per share upon condition that they gain acceptances from not less than 90 per cent of shares.
Previously, UKRD [link=http://radiotoday.co.uk/news.php?extend.4673.2]offered[/link] 3.25 pence per share.
Mr Perriss himself continues to review all funding options and has yet to accept either offer of funding.