Global delighted with extension
Ashley Tabor, chief executive of Global Radio has spoken out about GCap Media's announcement to extend the put up or shut up deadline to March 26th. The extra time will allow the two heavyweights agree a deal which could create a super-sized UK radio group.
Tabor told RadioToday.co.uk: “We are delighted that the GCap board has made it possible for Global to work towards finalising an offer that will create substantial value for GCap’s shareholders. Global Radio strongly believes that a combination of its brands with those of GCap will create a strong and vibrant company that will be able to breathe new life into Britain’s commercial radio sector."
He continues: "We look forward to working with GCap in the coming days."
After increasing their offer earlier in the week to buy GCap at 225 pence per share, the deadline by which time Global must make a firm offer has been extended.
It was GCap who requested the Takeover Panel Executive to extend the 'put up or
shut up' deadline to 26 March. In the meantime GCap have announced they will work together with Global to determine whether it will be able to make a recommendable offer
Regulatory code dictates that if a 'firm intention' to buy GCap isn't made within the newly extended timeframe, Global will have to wait a further six months.
It is thought that Global's current offer, their third bid to buy the company, will be final one for the time being.