Weekend newspaper reports have linked Macquarie, Cinven, CVC and 3i with GCap, which has seen its market value dive since the £700m merger between GWR and Capital Radio. Macquarie continues to be linked with former Emap radio boss Tim Schoonmker.
Investors have been spooked by a new strategy of halving the number of ads on 95.8 Capital FM to regain audience, which chief executive Ralph Bernard said last week would have an impact short-term profits and not bring a positive return for three years.
The company's share price fell 20% over the week to finish on Friday at 261p and leave it with a market value of around £440m. This morning, it has regained some ground having climbed to 271.5p.
The private equity sector has been interested in GCap for a number of months, although Bernard last week said he had received no approaches.
One shareholder that will have a large say in GCap's future is the Daily Mail & General Trust, which owns 15% of the Capital Radio, Classic FM and Xfm-owning radio group. Some analysts have even speculated that DMGT, which owns radio interests in Australia, could make its own bid.
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