Global 'to raise GCap offer again'

Global Radio is expected to make a third offer for GCap that could potentially secure its takeover, according to reports.

The company run by former ITV chief Charles Allen is said to be planning a bid of between 215p and 220p per share, valuing GCap at around £360m.

Global, which is backed by private equity finance, will have to act by next Wednesday, the deadline set by the Takeover Panel for a deal to be completed.

Analysts told The Guardian that Global was keen to make the purchase and there was a good chance GCap's major shareholders would accept a decent offer.

One said: "If Global Radio offers a bit of a premium above £2 then shareholders who bought last year could save face and even make a little on what they paid. There hasn't been enough of an upside perhaps before, but 220p could clinch it."

GCap's board this morning rejected a bid of 202p per share which followed an initial 190p offer.