GCap rejects approach from rival

Classic FM parent group GCap Media today confirmed it had rejected an approach from rival Global Radio potentially valuing the firm at around £313m (€419m).

The firm said Heart and Galaxy owner Global Radio had made an indicative proposal at 190p a share – a 57% premium to GCap’s closing share price on Friday.

GCap said the proposed offer “significantly unvalued the company”.

Reports over the weekend suggested that Global had proposed an offer at 180p a share, but that GCap was keen to give newly appointed chief executive Fru Hazlitt a chance to increase the value of the firm.