Global Radio has asked for its deadline to complete a takeover of Capital Radio owner GCap to be extended for a second time, according to a report.

A provisional £371m bid is still expected to be agreed but Global requested it be given until April 2, sources told the Financial Times.

The current deadline from the Takeover Panel, which has already been extended as Global entered a series of offers since December, is tomorrow.

Meanwhile, Global has lost out in the ongoing auction of Virgin Radio by owner SMG. Absolute Radio and UTV are said to be the only two bidders still in the running.