March 2008
The Board of GCap Media Plc ("GCap") notes the announcement by the Takeover Panel Executive that, at the request of GCap, the deadline by which Global Radio UK Ltd ("Global") must, unless the Takeover Panel Executive consents otherwise, either announce a firm intention to make an offer for GCap under Rule 2.5 of the Code or announce that it does not intend to make such an offer under Rule 2.8, has been extended to 26 March 2008.
On 4 March 2008 GCap received an indicative, conditional proposal from Global valuing GCap at 225p per share (the "Proposal"). This price represents an increase of 18% over the original proposed price of 190p received from Global on 17
December 2007 and of 11% over the revised proposal at 202p received on 28 February 2008.
The Board notes that Global’s announcement described the Proposal as not being subject to any anti-trust conditions*, which is important in addressing the Board’s concern that the conditionality attached to any Proposal should be minimal.
On this basis, GCap requested the Takeover Panel Executive to extend the put up or shut up deadline to 26 March 2008. In the meantime GCap will work together with Global to determine whether it will be able to make a recommendable offer.
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