GCap Media persuaded the Takeover Panel to extend the deadline, which ended at 5pm today, to 26 March. The decision hands Global Radio another three weeks to finalise its 225p a share offer for the radio group.
The agreement follows Global's 4 March offer, which valued GCap at £370million.
GCap and Global will now hold discussions about whether an official offer can be agreed. The extension will also enable Global to carry out due diligence and finalise its financing for the deal.
GCap said it "will work with Global to determine whether it will be able to make a recommendable offer".
Ashley Tabor, chief executive of Global, said: "We are delighted that the GCAP board has made it possible for Global to work towards finalising an offer that will create substantial value for GCap's shareholders. Global Radio strongly believes that a combination of its brands with those of GCap will create a strong and vibrant company that will be able to breathe new life into Britain's commercial radio sector. We look forward to working with GCap in the coming days."
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