GCap Accepts Global Bid
April 1, 2008 at 5:15 AM (PT)
GCAP MEDIA has accepted GLOBAL RADIO's 375 million pound buyout offer. The deal, which GCAP characterized in advice to its shareholders in a statement as "fair and reasonable," merges two of BRITAIN's largest radio operators and brings GCAP's CAPITAL RADIO, CLASSIC FM, and XFM brands and GLOBAL's HEART and GALAXY operations under common ownership.
The final offer of 225p per share represented a substantial premium over GLOBAL's initial 190p per share offer in DECEMBER. GCAP also rejected a 202p per share offer on FEBRUARY 29th.