In May 2002, GMG radio made a bid of £41 million to Jazz FM plc at 180p a share. The bid came on the day when the draft Communication Bill was published Jazz FM plc's largest shareholder, Clear Channel had been waiting for a 220p a share bid, but agreed to the 180p a share bid in late May. Herald Investment Management who had a 7.7% stake in the company and Aberforth Partners were not happy with the 180p a share bid. On 6 June, GMG raised its bid to 195p a share to secure the institutional shareholders who were holding out for a better bid. Richard Wheatly announced that he would leave Jazz FM once the takeover was complete. The offer was declared wholly unconditional on 5 July. In December 2002, GMG moved its sales operation from Clear Channel Radio Sales to the Chrysalis Group, in line with the sales operation for other GMG Radio stations.