Former EMAP Radio Head Launches GCap Takeover Bid

The former head of EMAP's radio division is launching a private equity bid to take over UK broadcaster GCAP MEDIA. TIM SCHOONMAKER is working with CITIGROUP and valuing the company at more than 400p a share, according to the GUARDIAN. SCHOONMAKER left EMAP in 2004; GCAP was foemd by the merger of CAPITAL RADIO and GWR earlier this year, and the GUARDIAN reports that the company is expected to use cost cutting and possibly selloffs of smaller properties to ward off SCHOONMAKER's bid.

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