- Clear Communications appears to have won the battle for the More Group following the referral to the Mergers & Monopolies Commission of the rival French bid Decaux.
Clear increased its bid from £446 million to £475 million, matching Decaux's offer which now lapses as a result of the referral to the MMC.
Roger Parry, More Group's chief executive, was quoted in this morning's Financial Times as saying the US media group seemed to have won "game, set and match".
The MMC will not report back until September leaving the French company, Decaux, with little chance of now winning the fight. Clear Channel, which yesterday increased its stake in More to 17 per cent, has set a June 13 deadline for accepting its bid.
Decaux was said to be considering its options following the referral with an announcement due shortly.