Global Radio Group said it intends to raise its offer for GCap Media to 225 pence-a-share cash.

News of the revised offer sent the shares up 16.3p, or 9%, to 204 pence. Global Radio urged shareholders to encourage the GCap board to accept its third and final offer.

The bidder also requested the extension of the 'put up or shut up' deadline from tomorrow to 2 April. Global said it has the support of its key equity and debt providers for the funding.

'In Global Radio's view, GCap faces considerable challenges given the current conditions in the radio, advertising and stock markets,' Global said in a statement. 'The final proposal offers cash and certain value today compared with the inherent execution risk in GCap's strategy.'