On Monday Global Radio announced that it would be buying GCap Media for the sum of Â£375 million, at 225 pence per share.
Global Radio owns Heart and Galaxy radio and has been negotiating a takeover bid with GCap since the start of 2008. GCap, the owner of Classic FM, had already rejected bids from Global worth 190 and 202 pence per share.
Charles Allen, chairman of Global Radio, said, We are delighted that the Board of GCap has unanimously agreed to recommend our acquisition of GCap. We believe that this is a very strong business with brands and assets that are highly complementary to those of the Global Radio Group.
We are excited by the opportunity to build on GCap's position as the leading commercial radio player and are committed to providing the best platform for both our advertisers and listeners.