GCap shares leap as Global delivers a 'knockout' offer

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Allen's Irish-backed Global Radio slapped a 225p cash offer on the table, an 86% increase on the share price before he began stalking the business at the end of last year. It comes just a day before a "put or shut up" deadline from the City's Takeover Panel.

GCap has rejected offers at 190p and 202p but today's bid was much higher than most commentators had expected. The shares jumped 24½p to 212½p, their highest for almost six months. Four shareholders - Schroders, Fidelity, Daily Mail and General Trust (owner of the Evening Standard) and Standard Life - hold more than 52% of GCap between them and will decide its fate.

Global is willing to risk an investigation by the Office of Fair Trading or Ofcom, so investors will receive the bid price even if the buyer has to sell some of its stations.

Global already owns the former Chrysalis stations, including Heart and LBC.

The bidder has called on GCap investors to tell the board, led by new chief executive Fru Hazlitt, to extend tomorrow's deadline to 2 April and allow it limited access to its books.

Hazlitt last month outlined plans to raise profits by £12 million a year by stopping investment in digital radio and improving Capital's output. She rejected both bids as seriously undervaluing the business.

Global was created to bid for the Chrysalis radio stations and is run by chief executive Ashley Tabor, son of the Irish tycoon and racing enthusiast Michael Tabor who has put up much of the original capital alongside fellow Irish followers of the turf JP McManus and John Magnier.