Remember that there was a battle to take over Isle of Wight radio’s owner, Local Radio Company (LRC)?
Well it looks like the main battle for control has ended.
UKRD Group, who made the official bid, has gained over 50% of the shares, so the rival bidder, Hallwood Financial, headed by LRC chairman Anthony Gumbiner, dropped out.
The offer of 4p per share made by UKRD for LRC, a 20 radio station group (full list) including IW Radio, valued the whole group at £2.88m
Looks like it’s not going to all be plain sailing for UKRD as Hallwood has refused to sell its 28% share holding, thus not giving the new owner the 75% stake it needs to pass special resolutions, such as to delist the company, the Guardian suggests.
Must be a relief for the IW Radio team to know that things are now more certain for the future.
