Local Radio rejects rival’s takeover offer

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The firm knocked back the 2p a share offer from UKRD, valuing it at £1.44 million, after receiving a better offer of 2½p a share or £1.8 million from chairman Anthony Gumbiner through his Hallwood Financial group.

John Perriss, the independent non-executive director of Local Radio, said: "I strongly recommend that shareholders reject the UKRD offer."

Gumbiner, who owns 28.26% of Local Radio through Hallwood, said he intended to maintain the firm's AIM listing if fewer than 90% of investors accepted the bid.

The battle for control of Local Radio, which owns radio licences across the country, comes days after its Trinity FM unit sold Jazz FM to Jazz Investments, led by ex-chairman Richard Wheatly.