Cox Enterprises will not raise offer for Cox Radio

* Cox Enterprises says will not raise offer for Cox Radio

* Shares of Cox Radio trading above $4.80 offer price

NEW YORK May 11 (Reuters) - Cox Enterprises Inc has reiterated it will not raise its cash offer to buy the 22 percent of Cox Radio Inc CXR.N it does not already own, two days before its tender offer is set to expire.

"As the amended tender offer filed May 1 states, Cox Enterprises has made it absolutely clear ... its revised offer price of $4.80 per share is its best and final offer," Cox Enterprises Chief Financial Officer John Dyer said in an e-mailed statement on Monday. "Cox Enterprises will not increase its offer."

Cox Enterprises, through its Cox Media Group, initially launched a tender offer in March to buy the remaining shares of Cox Radio for $3.80 a share, for a total payment of $69.1 million.

It then sweetened its offer by a dollar and extended the deadline to May 13.

But Cox Radio shareholders seem to be expecting even more from the media company.

Shares of Cox Radio closed Monday's trading session at $4.84, 4 cents above the tender offer price.

Cox Enterprises could let the tender offer expire if enough shares are not tendered by the May 13 deadline, which would allow Cox Radio to continue as a public company, said a person familiar with the company's thinking but not authorized to discuss it.

Cox Radio's board has recommended that shareholders accept the sweetened offer, which represents a 45.5 percent premium to the stock's closing price the day before the tender offer was announced.

Separately, Cox Radio posted a first-quarter revenue decline of nearly 23 percent on Monday. Both profit and revenue were short of Wall Street's estimates.

Cox shares closed Monday flat at $4.84 on the New York Stock Exchange. The shares have fallen steeply from a 52-week high of $13.09, reached on May 14, 2008.

(Reporting by Anupreeta Das; Editing by Bernard Orr)