Global Radio must enter a new bid for GCap within five weeks or stay away for six months, the City's Takeover Panel has ruled.

Its December offer of £313m for the Classic FM and Capital 95.8 owner was rejected and branded "derisory" by chief executive Fru Hazlitt.

The financial watchdog yesterday said Global, which is rumoured to be considering a new offer, must indicate a "firm intention" by 5pm on March 5. Otherwise it will not be able to offer again for six months.

The Takeover Panel said its comments came after "recent representations made by the advisers for GCap" and talks with both.

GCap also yesterday announced its revenues for the month were expected to be up 7% and during the last three months of last year were up 4%.