Bidding War Continues For U.K.'s Local Radio
May 11, 2009 at 4:40 PM (PT)
UKRD has once again raised its bid for the outstanding shares of U.K. group THE LOCAL RADIO COMPANY, this time from 3.25 p/share to 4p/share, prompting rival bidder HALLWOOD FINANCIAL LTD., owned by LOCAL RADIO Chairman ANTHONY GUMBINER, to up its bid as well, from 3.5p/share to 5p/share. This is the second time the parties have increased their bids, which started at 2p/share for UKRD and 2.5p/share for HALLWOOD. The stock closed trading on the LSE MONDAY at 3.25p/share.
UKRD owns 20.5% of LOCAL RADIO (including another 1.1% purchased at 4p/share on MONDAY), while HALLWOOD owns 28.26%. LOCAL RADIO owns six local commercial stations in the U.K.