Local Radio Co. Urges Shareholders Reject UKRD Bid
April 14, 2009 at 5:26 AM (PT)
THE LOCAL RADIO CO. independent non-executive director JOHN PERRIS has sent a letter to shareholders urging them to reject the buyout bid by UKRD because a counteroffer of LOCAL RADIO Chairman ANTHONY GUMBINER's HALLWOOD FINANCIAL LTD. offers more money, a credit facility, and the ability for the company to remain publicly listed.
GUMBINER issued his own 1.8 million pound, 2.5p/share offer for the company's outstanding shares after UKRD offered 2p/share (1.44-million pounds). UKRD owns 13.5% of LOCAL RADIO, while HALLWOOD owns 28.26% of the company.