GCap Agrees To Talk About Takeover With Global
March 6, 2008 at 5:37 AM (PT)
GCAP RADIO has agreed to talk with GLOBAL RADIO about a takeover by the latter company. GLOBAL's third bid for the U.K. radio company was for 222p/share and came days before the TAKEOVER PANEL's deadline for bids; GLOBAL now has until MARCH 26th to get approval for a deal from the GCAP board, a three-week extension of the TAKEOVER BOARD's deadline.
GLOBAL CEO ASHLEY TABOR said: "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 GCAPs 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. We look forward to working with GCAP in the coming days."