The deadline of 5pm today has now been moved to 5pm on March 26.
GCap has now said it will work together with Global in the meantime to determine whether it will be able to make a recommendable offer.
GCap quickly rejected Global's two previous offers but after Global raised the amount of its bid from 202p per share to 225p it has come under pressure from at least two major shareholders, Schroders and Standard Life, to talk to the other side.
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."
The proposed union of the two companies' radio assets, which brings together GCap's national station Classic FM with Global's Heart FM regional network, among others, may trigger an investigation by the Office of Fair Trading.
However, the overlap between stations is relatively small and Global has said it is prepared to accept any undertakings the competition authorities propose to get the deal through quickly.
GCap shareholders' decreasing opposition to the bid may lead to the end of an ill-starred three-year stretch on the stock market, during which the company's share price fell from close to 500p to as low as 120p.
GCap was created through the merger of commercial radio companies GWR, headed by Ralph Bernard, and Capital Radio, headed by David Mansfield.
Post-merger the union soured with many of the former Capital Radio executives leaving and the Capital station losing its leadership in the London market to rivals Magic and Heart, while the radio advertising market went through a downturn.
Mansfield departed in 2004 followed by commercial director Linda Smith.
Bernard himself stepped down as chief executive in November last year, making way for former Virgin Radio chief executive Fru Hazlitt.
In February Hazlitt produced a new strategy for GCap that aimed to restore profit margins by junking its investment in the DAB platform and focusing on key brands on FM and broadband.
However, Global had stepped in with a bid for the company in December after losing out in the auction of Emap Radio to German publisher Bauer.
The 190p per share bid, and a 202p follow-up in February, were rejected by GCap's board. But GCap shareholders, which were not informed about the first bid, have proved more interested in a higher offer.
Global, which is backed by a consortium of Irish investors, would become the dominant force in commercial radio by combining GCap, the number one player, with Chrysalis, the number four player.
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