The board met this morning to discuss the 180p-a-share offer and was widely expected to reject it as undervaluing the company.
However, in a statement released this afternoon, Jazz FM said: "The board is still considering the position and will make an announcement at the appropriate time. In the meantime, it advises shareholders to take no action."
Shares in Jazz FM were trading well above the 180p mark this afternoon, up 2.12% on Friday's close at 192p.
Jazz FM is waiting to receive a formal offer document from the Guardian Media Group, which made the offer last Tuesday. Guardian Media Group already owns a 18.5% share of Jazz FM, but last week's draft communications bill has paved the way for a takeover.
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