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Local radio broadcaster UKRD has won control of Local Radio Company but this is not the end of the bid battle.
UKRD doubled its original bid to 4p a share. The bid was revised twice because of Hallwood’s rival offers.
Rival Hallwood, which owns 28.3% of LRC, had reacted by increasing its cash bid from 2.25p a share to 3.5p a share and then finally 5p a share. Despite this higher offer UKRD still gained acceptances of 50.09% of the LRC share capital. The UKRD offer remains open.
Hallwood has withdrawn is bid but it says that it is not going to accept the UKRD bid of 4p a share. That means that UKRD will not be able to reach 75% of the share capital and it will reduce its ability to do what it wants with the LRC business. It also means that the AIM quotation can’t be cancelled without the agreement of Hallwood.
At the current share price of 4.5p, LRC is valued at £3.24m.
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