Fresh offer for Classic FM firm

Global Radio has increased its proposed takeover offer for GCap Media, the owner of Classic FM and Xfm.
Global, which owns the Heart and Galaxy radio stations, said it was increasing its takeover proposal to 225p a share, valuing GCap at £371m.
On Friday, GCap snubbed an offer of 202p per share, saying the proposal significantly undervalued the company.
GCap said it would consider the new offer from Global and would make a further announcement in due course.
Shares in GCap closed 6% higher at 199.25p.
Knockout blow?
Global said its new proposal was subject to GCap extending the deadline for a formal bid to 2 April.
In January, the UK Takeover Panel imposed a deadline of 1700 GMT on 5 March for Global to announce a firm intention to make a bid for GCap - a so-called "put up or shut up" deadline.
The move came after GCap had rejected an initial bid proposal of 190p a share from Global.
Global Radio is chaired by former ITV boss Charles Allen and backed by horse racing tycoons JP McManus and John Magnier.
It was set up as a vehicle to buy radio stations and bought Chrysalis Group's stations last year for about £170m.
Global urged GCap shareholders to accept its latest offer, saying that the price represented an 86% premium to GCap's share price before the first bid approach was made.
It also said the new proposal offered substantially greater value than could be achieved by GCap alone, even if the revamp that GCap is planning is carried out.
In February, GCap chief executive Fru Hazlitt unveiled plans to cut costs and boost advertising revenues.

Information Minister lays foundation stone of Broadcasting Institute

ISLAMABAD, Feb 25 (APP): Caretaker Minister for Information and Broadcasting Senator Nisar A. Memon on Monday laid the foundation stone of the Pakistan Institute of Broadcasting and Information Technology at Alipur Farash.The institute, spreading over 60 kanals and costing Rs.63 million will be completed in two years.The Minister said that the Institute of Broadcasting will go a long way in meeting the national needs for educating and training the mediamen.
He said trained mediapersons were the need of the hour as the country had more than 50 TV channels and 106 radio stations.
Nisar Memon said that propaganda campaigns against nuclear assets and Pakistan’s ability to fight against terrorism were launched from outside the country and these were joined by local media intentionally or unintentionally. He said an adequate response to each of these, stopped these campaigns.
He said he intends to carry out a research to find out the reality behind these campaigns.
He said following the November 3 order, the apprehensions were aired that the media will not be free, but everybody could witness the free media as early as November 16 and with the addition of 13 new channels.
He said President Musharraf had fulfilled all the promises he made to the nation.
He said that certain people alleged that political leaders abroad will not be allowed to return to the country but this did not prove to be correct. The political leaders were allowed to return and for that a congenial atmosphere was created for their return with the issuing of the National Reconciliation Ordinance.
He said after the unfortunate incident of December 27 in which Benazir Bhutto was assassinated, apprehensions were expressed that election would not be held. He said the date of holding the elections was changed but they were held. He said all apprehensions of rigged elections also proved wrong and the credit for holding transparent and peaceful elections goes to President Musharraf. For this, he added, the whole nation deserved to be felicitated.
He said as a caretaker minister, his role was not political. He said, however, after he relinquishes his charge as minister, he will become politically active again and he will defend the country like other patriotic Pakistanis at all levels.
Nisar Memon said in due course of time, people will realize that President Musharraf had served the country in the best possible manner by protecting all the institutions. He said president as a symbol of the federation, should be kept above politics.
Earlier, speaking on the occasion, Syed Anwar Mehmood, Secretary Ministry of Information who is also Chairman of Pakistan Broadcasting Corporation, hoped that the Institute of Broadcasting will come up as a centre of excellence.
He said the Information Minister had worked with zeal and enthusiasm to deliver. He said the minister had done his best while working for the welfare of all those concerned with his ministry during his short tenure as the caretaker minister.
Javed Akhtar, Director General Pakistan Broadcasting Corporation, said the use of modern technology had rendered surplus much of the 960 kanals of land of Radio Pakistan Lehtrar Road Receiving Centre. He said the cost of the project which was Rs. 63 million had already been approved.
He said the institute will have modern classrooms and residential accommodation for the faculty and the students.
Unveiling the plaque, the Minister said that the name of Secretary Ministry of Information, Syed Anwar Mehmood may also be added along with his name as the idea of the Broadcasting Institute was conceived by him.