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Business News Media
UKRD increase offer price for TLRC shares
By CMU Editorial | Published on Thursday 30 April 2009
Local radio company UKRD is very keen to acquire rivals TLRC, in which they already had a 13.3% share. So much so they have raised their offer price.
As previously reported, UKRD recently made a 2p per share offer to buy out the radio firm’s other shareholders. But the biggest of those shareholders, Hallwood, are against the takeover proposals and offered to pay 2.5p per share to any other investors interested in selling.
Nevertheless, UKRD have secured enough interest from other shareholders to secure 40% of TLRC overall. This week they acquired another 1.42% via the London Stock Exchange at 3.25p per share, which means that under City rules they are now obligated to offer that price to all other shareholders.
Presumably they hope the higher price will persuade those other TLRC investors still holding out to sell, so much so that ultimately Hallwood will also sell rather than become a minority shareholder.
The currently loss making TLRC owns 21 local radio stations around the UK, while UKRD owns 13.
