In addition to upping its offer from 2.5p a share to 3.5p a share last Thursday, Hallwood has offered TLRC a £1m loan facility to meet its immediate cash requirements.
Hallwood was joined in the pursuit of TLRC last Wednesday by radio group UKRD, which increased its initial bid of 2p a share to 3.25p a share.
Hallwood already owns 28% of TLRC and last month TLRC shareholders were asked to reject the initial offer from UKRD in favour of Hallwood because its offer placed a higher valuation on the company.
TLRC warned earlier in April that it needed funds before the end of the month in order to continue trading.
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.
_1.jpg)
.jpg)
