Global Radio said on Monday that nothing in a restructuring plan announced by GCap Media, target of its £313m takeover bid, made the private equity-backed company feel its offer had undervalued the UK’s largest commercial radio broadcaster.

Fru Hazlitt, GCap’s chief executive, laid out a strategy that involved withdrawal as far as possible from DAB digital broadcasting as part of a strategy to hit an £8.8m annual cost savings target.