D-Day looms for GCap Media bid

LONDON - Global Radio must decide by 5 March whether to submit a fresh offer for GCap Media, after a City watchdog issued a "put up or shut up" deadline.

The Takeover Panel announced today that Global must announce a firm intention to make an offer for GCap Media, or announce that it does not intend to make an offer.

Should it choose not to make an offer by the 5 March deadline, Global will be prohibited from making an offer for six months.

The Takeover panel said: "By 5 March, Global Radio will have had more than 11 weeks since its initial approach and more than three weeks since Fru Hazlitt's presentation of her plans for the group to make a decision."

The notice challenges Global, chaired by Charles Allen, to make a move for GCap within five weeks.

Global Radio first made an approach over a potential takeover in December, offering £313m for the company. However, GCap rejected the offer immediately.

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