Hallwood Ups Bid For U.K.'s Local Radio Co.
May 1, 2009 at 5:21 AM (PT)
After UKRD upped its bid to buy the outstanding shares of U.K. group THE LOCAL RADIO CO. from 2p/share (1.44 million pounds) to 3.25p/share and bought 1.024 million more shares earlier this week, LOCAL RADIO Chairman ANTHONY GUMBINER's HALLWOOD FINANCIAL LTD. has now upped its own bid for the company from 2.5p/share to 3.5p/share, 7.7% more than UKRD's offer. UKRD owns 14.93% of LOCAL RADIO, while HALLWOOD owns 28.26%.
LOCAL RADIO owns six local commercial stations in the U.K.