GCap Media, the UK’s largest radio operator, has turned down a £300m approach from Global Radio. Global is reported to have made the offer in mid-December after it lost out on Emap’s radio division.
Global has confirmed that it approached the GCap board but the 180p-per-share offer was immediately rejected by GCap, owner of Capital 95.8 and Classic FM.
Global, the former radio division of Chrysalis Group, is keen to make further acquisitions in radio but has so far been unsuccessful. The company was launched last summer by former ITV chief executive Charles Allen and chief executive Ashley Tabor, who is backed by his racing magnate father, Michael Tabor.