Radio investment group UKRD has raised its offer price to 4 pence a share from 3.25 pence a share. Meanwhile, Hallwood Financial, a TLRC shareholder led by TLRC chairman Anthony Gumbiner, has boosted its offer from 4 pence a share to 5 pence a share.
Hallwood's latest offer, its second proposal, represents a 54% premium to TLRC's closing price of 3.25 pence on 8 May - the date to which the offer is applied - while UKRD's offer represents a 23% premium to the share price.
Last week, TLRC recommended its shareholders accept the 3.5 pence per share bid from Hallwood. This followed Hallwood's move last week to up its offer from 2.5 pence a share to 3.5 pence a share and to offer TLRC a £1m loan facility to meet its immediate cash requirements. Hallwood already owns about 28% of TLRC.
TLRC operates 20 local radio stations, including Arrow FM, Wessex FM and The Quay. The directors of Jazz FM agreed to buy Jazz FM from TLRC last month.
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