/ Source: The Associated Press
Cox Radio Inc. recommended Thursday that shareholders accept a tender offer from Cox Enterprises Inc., a day after the privately held company raised the offer by $1 to $4.80.
Cox Enterprises, which owns television, newspaper and cable properties, raised its bid Wednesday and extended the deadline for shareholders to accept the offer to May 13.
The company already has a 78 percent stake in Cox Radio and a voting interest of roughly 97 percent.
Cox Radio had previously recommended shareholders accept the buyout offer, but withdrew the recommendation and remained neutral after the bid was made April 20 without raising the offer price.
Cox Radio shares fell 3 cents to $4.81 in afternoon trading.