UKRD Wins Battle For Local Radio Co.
May 14, 2009 at 4:59 AM (PT)
The winner of the battle for control of U.K. group THE LOCAL RADIO COMPANY is UKRD, winning its battle for the company's remaining outstanding shares after LOCAL RADIO Chairman ANTHONY GUMBINER's HALLWOOD FINANCIAL pulled out of the bidding and 50.09% of LOCAL RADIO shareholders approved the UKRD deal.
UKRD's offer values the company at 2.88 million pounds, less than HALLWOOD's final offer of 5p/share (3.6 million pounds) at the time it was withdrawn. But HALLWOOD, which continues to own 28% of the company, will not be selling its share to UKRD, meaning that UKRD is short of the 75% interest necessary to take the company private.
THE LOCAL RADIO COMPANY owns six commercial local radio stations in ENGLAND.