The Week: City news - GCap rebuffs Global bid

GCap Media's share price rose by almost 50 per cent this week after it emerged that the company had secretly rejected a £310 million takeover bid from rival Global Radio.

Global approached GCap on 17 December with a 190p per share all-cash offer, which constituted a considerable premium on share price at the time the offer was made. GCap said it had rejected the bid because the board believed that it significantly undervalued the company.