The radio group, which was put up for sale by its owners at the end of last year, is understood to have attracted a number of bidders, according to bankers who are close to the deal.
At the weekend, it was reported that Jazz FM had made a £20m bid for LNR, considerably lower than the £25m bankers are saying LNR is worth. Jazz FM has refused to comment on its bid, saying that the terms of the deal are confidential.
The Jazz FM bid is being backed by its two biggest investors: Clear Channel, the US poster advertising company; and the Guardian Media Group. Capital Radio and Scottish Radio Holdings are also reported to be interested.
The sale is being pushed through by LNR's largest shareholder ITN, which owns the station alongside GWR, Reuters and the Daily Mail & General Trust.
The sale has excited considerable interest among media groups because, despite the tough market for radio at the moment, the LNR station LBC has seen its value boosted as prepares to switch from AM to FM, giving it greater audience reach. The station will also be relaunched to mark this change.
GWR Group owns 20% of LNR; ITN owns 42%; Reuters owns 32%; and the Daily Mail & General Trust, which also owns part of GWR, owns 2% of the company.
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