Cox Enterprises announced Monday before the stock market opened that it is making a tender offer for all of the stock of Cox Radio currently held by the public. Cox Enterprises already owns 78% of the equity of Cox Radio, with voting control of approximately 97%. Cox Enterprises is offering $3.80 per share, a premium of 15.2% from the Friday closing price. The Board of Directors of Cox Radio is now expected to form a special committee of independent directors to evaluate the offer. Cox Enterprises emphasized that it is not interested in selling its stake to anyone else.