Media
GCap Media has rejected a bid from Global Radio that it said "significantly undervalued the company".
Global, which owns radio brands Heart and Galaxy in addition to London's LBC FM and AM stations, put in a bid of around 190p a share.
In a statement, Global said: "“This approach was conditional, inter alia, on limited due diligence and the recommendation of the GCap board for any offer.
"This approach was rejected by the GCap Board. Global Radio is currently considering its position.
"This announcement does not amount to a firm intention to make an offer for GCap, and there is no certainty that any offer will be made."
The 190p a share bid represented well over a 50% premium on GCap's share price before the news went public. At time of publication, GCap's shares are up 48.3% at 179.5p per share.
Global, which owns radio brands Heart and Galaxy in addition to London's LBC FM and AM stations, put in a bid of around 190p a share.
In a statement, Global said: "“This approach was conditional, inter alia, on limited due diligence and the recommendation of the GCap board for any offer.
"This approach was rejected by the GCap Board. Global Radio is currently considering its position.
"This announcement does not amount to a firm intention to make an offer for GCap, and there is no certainty that any offer will be made."
The 190p a share bid represented well over a 50% premium on GCap's share price before the news went public. At time of publication, GCap's shares are up 48.3% at 179.5p per share.
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