A TAKEOVER battle for a hefty slice of Hampshire's airwaves is going into extra time after the firm behind a £371m bid for the parent of Ocean FM and Power FM asked for another week to work on its offer.

Global Radio, which owns Heart and Galaxy, had been due to bid by today for GCap Media or walk away but wants an extra week to look at the books.

One certain winner of any deal is GCap's chief executive Fru Hazlitt, pictured, who is expected to pocket about £1m after just three months in post.

The former Yahoo! UK managing director has made headlines after cutting GCap's digital radio stations, claiming she can turn-around the group's fortunes by concentrating on the Internet. Reports suggest those decisions could be reversed under new owners.

GCap's suitor, which is backed by Irish racing tycoons John Magnier and JP McManus, asked for an extension of the Takeover Panel's "put up or shut up" deadline until April 2 to complete due diligence.

Global is looking to become a powerful force in UK commercial radio after snapping up Chrysalis Group's radio stations for £170m last year.

The company has been pursuing GCap since December and the latest proposal is 18 per cent higher than the first put forward three months ago.

GCap also owns Classic FM and Xfm and is the UK's largest commercial radio broadcaster. It has pledged to work with its suitor to agree an offer it can recommend to shareholders.

The combined group would have a 47 per cent share of radio advertising and concentration of stations in London.