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Bidding war commences for TLRC

A fresh twist has emerged in the continuing saga of The Local Radio Company's sale with the announcement of a counter-offer to that from UKRD Group.

Hallwood Financial Limited, which already owns just over 28 per cent of TLRC, has trumped UKRD's offer of 2p a share with its own offer of 2.5p for the group's entire issued share capital. It would value the group as a whole at just over £1.8 million.

Caribbean-based investment company Hallwood is controlled by Anthony Gumbiner, who also currently serves as TLRC's non-executive chairman.

If the offer is accepted by TLRC's shareholders, who include UKRD Group, the company would remain publicly traded on the London Stock Exchange's AIM market.

UKRD announced their intention to purchase struggling TLRC last Friday, valuing the group at around £1.4 million. If their offer is accepted, the company will be taken private.

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