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.