The offer marks a significant increase from Global's previous takeover attempt, a 202p per share offer last Friday (29 February). Today's offer is also worth around 20% more than Global offered for GCap last December. GCap shares had surged in early trading to 204.25p at 10am, up 9% from yesterday's closing price.
GCap responded to Global's renewed offer saying it "notes the announcement" and will "consider the proposal and will make a further announcement in due course."
Global stressed that today's offer is its third and "final" offer for the radio company group, which counts Capital and Classic FM amongst its core radio brands.
The industry had been split on whether Global would return with an improved offer from last week's takeover proposal.
Global's proposed price values the UK's largest commercial radio company at more than £370m.
Whether GCap accepts the offer will largely depend on the view taken by its four main shareholders - Daily Mail & General Trust, Fidelity, Schroeders and Standard Life - who between them own around half of GCap's shares.
In a statement made to the stock exchange, Global said it "urges shareholders" to encourage GCap's board to accept its proposal.
Global Radio said its final proposal offers "substantially greater value" than could be achieved by GCap alone.
Global added: "In Global Radio's view, GCap faces considerable challenges given the current conditions in the radio, advertising and stock markets. The final proposal offers cash and certain value today compared with the inherent execution risk in GCap's strategy."
GCap responded to Global's renewed offer saying it "notes the announcement" and will "consider the proposal and will make a further announcement in due course."
Global stressed that today's offer is its third and "final" offer for the radio company group, which counts Capital and Classic FM amongst its core radio brands.
The industry had been split on whether Global would return with an improved offer from last week's takeover proposal.
Global's proposed price values the UK's largest commercial radio company at more than £370m.
Whether GCap accepts the offer will largely depend on the view taken by its four main shareholders - Daily Mail & General Trust, Fidelity, Schroeders and Standard Life - who between them own around half of GCap's shares.
In a statement made to the stock exchange, Global said it "urges shareholders" to encourage GCap's board to accept its proposal.
Global Radio said its final proposal offers "substantially greater value" than could be achieved by GCap alone.
Global added: "In Global Radio's view, GCap faces considerable challenges given the current conditions in the radio, advertising and stock markets. The final proposal offers cash and certain value today compared with the inherent execution risk in GCap's strategy."
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