U.K. Panel Gives Global Radio Deadline For GCap Bid
February 1, 2008 at 5:48 AM (PT)
The U.K.'s TAKEOVER PANEL has given GLOBAL RADIO until 5p MARCH 5th to submit a bid for GCAP MEDIA or walk away from the deal. An earlier bid by GLOBAL was rejected by GCAP in DECEMBER.
GCAP released a statement supporting the panel's move and noting that "By 5 MARCH, GLOBAL RADIO will have had more than 11 weeks since its initial approach and more than three weeks since FRU HAZLITT's presentation of her plans for the group to make a decision."
HAZLITT, the GCAP CEO, is scheduled to unveil the company's new business strategy on FEBRUARY 11th, with speculation ranging from an abandonment of the ad policy reducing spot loads at CAPITAL 95.8/LONDON to the sale of stations or digital radio operations.