Allen made his comments over the weekend in response to press speculation that the measures unveiled by Hazlitt today would help double GCap's 2006/7 estimated earnings of £18m-£20m before interest, tax, depreciation and amortisation.
In the event, GCap said the measures planned, including the disposal of Xfm's three regional stations and its 63% stake in digital multiplex Digital One, would achieve £23.5m in annual cost savings. For further details see our earlier story.
Allen told the Financial Times: "To match the value of our offer of 190p per share, she has to present to shareholders a plan to treble profits, not just double them.
"Doubling them only gets you to around 140p. We look forward to reviewing [Ms Hazlitt's] transformation plan."
Global Radio was unavailable for further comment after GCap's strategy was revealed this morning.
Analysts said GCap's programme was sensible, but still expect the company to attract another bid from Global.
Lorna Tilbian, media analyst at Numis Securities, told the FT: "We believe that this extensive strategic overhaul is sensible and much required. However, given the execution risks associated with the plan and the uncertain advertising environment, we believe the 190p per share cash bid [from Global Radio] has considerable merit."
Roddy Davidson, an analyst at Altium Securities, told The Independent: "The measures outlined in this morning's announcement look fairly sensible and if the cost reductions outlined are achieved, it would result in a more profitable business than we are currently forecasting during the year to March 2010.
"We believe a further offer from Global Radio is likely and that other parties could also enter the fray."
As of 10.45am, GCap's share price was down 1.45% on Friday's close at 187p.
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