On Wednesday (29 April), radio group UKRD made a revised offer of 3.25p a share, up from its initial offer of 2p a share.
Then, late yesterday (30 April), Hallwood, headed by The Local Radio Company chairman Anthony Gumbiner, lodged a bid of 3.5p a share for the group, up from its previous offer of 2.5p.
Hallwood already owns a 28% stake in TLRC, which operates 20 local radio stations across the UK including Arrow FM, Wessex FM and The Quay.
Last month, TLRC shareholders were asked to reject the takeover offer from UKRD, in favour of Hallwood.
At that time, John Perriss, independent non-executive director of TLRC, called on shareholders to reject UKRD's bid, noting Hallwood's offer attached a higher valuation to the company.
Earlier in April, TLRC warned it required an injection of funds by the end of April in order to continue trading.
Following the warning, UKRD said in a statement on 7 April: "UKRD board reiterates that it has funding available to allow an injection of working capital from UKRD in Local Radio as soon as practicable, once the offer is declared wholly unconditional."
Last month, the directors of Jazz FM agreed terms to buy the radio station from TLRC.
Alongside Jazz FM chief executive Richard Wheatly, shareholders in the new venture include fund management company Herald Ventures, corporate finance advisers Kinmont and a number of private individuals.
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