One of GCap's major shareholders, Standard Life, has urged the radio company's board to start negotiations with Global Radio following Tuesday's higher offer.
"Due to the increased offer, we believe that it's appropriate GCap engage with Global Radio with a view to accepting the revised bid terms," said David Cumming, head of UK Equities at Standard Life Investments, which owns 7.5% of GCap.
Global Radio, lead by former ITV boss Charles Allen, this morning tabled an offer of 225p a share valuing GCap at £370.9m.
The revised offer comes just one day ahead of the "put up or shut up" deadline imposed by the City authorities earlier this year.
Global Radio this morning urged GCap's shareholders to "encourage the board of GCap to accept this proposal and request the extension of the 'put up or shut up' deadline".
Roughly two-thirds of GCap's shares are owned by five investors: Fidelity, Schroders, Daily Mail & General Trust, Standard Life and Millgate Capital. Last week Schroders came out firmly in favour of GCap's rejection of Global Radio's earlier 202p a share offer.
Fidelity, Schroders and Millgate Capital were not available for comment while the board of DMGT is understood to be considering its response.