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Global told to make mind up

Global Radio have been set a deadline to decide whether they will make a further offer for the UK's biggest commercial radio group, GCap Media. It follows a takeover attempt in December – now the City have told Heart and Galaxy owners Global that they have until 5 March to make a new bid, otherwise they'll have to wait at least another six months.

The Takeover Panel has told Global Radio – headed by former ITV chairman Charles Allen – to either "put up or shut up". GCap, who rejected the £313m offer last month, are welcoming today's announcement.

By 5 March at 5pm, Global Radio will have had more than eleven weeks since its initial approach and more than three weeks since GCap Chief Executive Fru Hazlitt's presentation of her plans for the Group to make a decision. By that time, Global must either announce a firm intention to make an offer for GCap – or announce that it does not intend to make an offer.

GCap was valued at more than £700m at the time of the merger between Capital Radio and GWR in 2005. Global is reported to be keen to expand its portfolio of stations and GCap is now its main target after losing out on the Emap stations to German publishing group Bauer.

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