Xfm radio stations still up for grabs as sale deadline looms
The UK's largest commercial radio corporation, GCap, today rejected a takeover bid from Global Radio, with rumours of an offer from three Scottish entrepreneurs rife.
GCap is selling three of its Xfm radio stations in Scotland, Manchester and South Wales. However, Global's latest offer of 202p per share was turned down.
In a statement this morning GCap's spokesperson said: 'The board has consulted with its advisors and major shareholders. It believes that this revised proposal significantly undervalues the company because it does not reflect the value that would be created by implementing the strategy of the new chief executive, Fru Hazlitt.'
This announcement has led to fresh speculation that a Scottish consortium will take over the three Xfm stations before the takeover panel's deadline next Wednesday. The consortium is made up of Gordon Beattie, Adam Findlay and John Quinn, the 15% shareholder in Bauer Radio's Falkirk-based Central Radio.
Beattie hopes to adapt the format of the Scottish Xfm, formally known as Beat 106, to approach a slightly more mature audience.
'We would look to change the demographic slightly. I listened to the [Scottish] station for two hours and I hardly knew anything they were playing. Maybe that shows my vintage.'
GCap must reach a decision by 5 March deadline. Gcap said if it is unable to offload the three Xfm stations by 28 March it will hand the licences back to OfCom.