UKRD Ups Bid For The Local Radio Co.
April 30, 2009 at 5:24 AM (PT)
UKRD isn't giving up on its attempt to buy the outstanding shares of U.K. group THE LOCAL RADIO CO., upping its bid from 2p/share (1.44 million pounds) to 3.25p/share and buying 1.024 million more shares. UKRD now owns 14.93% of LOCAL RADIO.
Earlier in APRIL, LOCAL RADIO non-executive director JOHN PERRIS 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. offered more money, a credit facility, and the ability for the company to remain publicly listed. HALLWOOD, which owns 28.26% of LOCAL RADIO, offered 2.5p/share.