MusicMagpie still open to offers after talks with suitors cease

MusicMagpie, the Stockport specialist in recycling and re-selling electronic devices, said it still remains in an offer period, after talks ended on a possible takeover.

One week ago today the business, headed by founder Steve Oliver, revealed it was in possible takeover talks with BT and private equity investor Auerlius Group.

A stock exchange announcement said: “Discussions between the parties are ongoing and remain at a very early stage.

“Accordingly, there can be no certainty that any offer for the Company will be made from either of the Parties, nor as to the terms of any such offer. Accordingly, shareholders are advised to take no action at this time. A further announcement will be made as appropriate.”

However last Friday Aurelius Investment Advisory issued a statement, followed by an announcement by BT today (November 27) confirming they do not intend to make an offer for musicMagpie.

In response, musicMagpie said today: “The company continues to seek potential buyers for the entire issued and to be issued share capital of musicMagpie, and, as such, remains in an offer period.”

It added that there can be no certainty that any offer for the company will be made, nor as to the terms of any such offer. Accordingly, shareholders are advised to take no action at this time.

Shares in musicMagpie fell following today’s announcement.

From an opening price of 20.42p per share, they dropped to 17.25p. The 52 week low for the share price is 14p per share.

When musicMagpie announced the interest from Auerlius Group and BT last week its shares were trading at 18p per share.