Global Requests Extension For GCap Bid
March 24, 2008 at 5:39 AM (PT)
GLOBAL RADIO has reportedly asked for an extension to the deadline for making another offer to buy GCAP MEDIA. GLOBAL is offering 371 million pounds for GCAP, owner of several radio properties in the U.K., including CAPITAL RADIO and XFM, was given until WEDNESDAY (3/26) by the U.K.'s TAKEOVER PANEL to finalize its offer in a "put up or shut up" order and had originally asked for an APRIL 2nd extension to go over GCAP's books, a request rejected by the panel.
Meanwhile, GLOBAL's bid for VIRGIN RADIO has been rebuffed by SMG, which has reduced the list of bidders being considered as VIRGIN RADIO buyers down to UTV and ABSOLUTE RADIO, according to the FINANCIAL TIMES.