Global Radio, the radio start-up chaired by former ITV boss Charles Allen, has until Wednesday to make a third and final bid for the UK’s biggest commercial radio group, GCap Media.
Its two previous offers – 190p a share before Christmas, and 202p last week – were firmly rebuffed by the board because they “significantly undervalued” the company.
Analysts believe a 220p offer could be enough to win over GCap’s biggest shareholders, which include the Daily Mail & General Trust.
If a third offer is made and rejected, Global is required by City takeover rules to walk away for six months before approaching GCap again.
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