musicMagpie is still looking for a buyer despite BT and the private equity owner of Footasylum and The Body Shop ending takeover talks.
The Stockport-headquartered company, which has been listed on the London Stock Exchange's AIM following a £200m in April 2021, confirmed it "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". The news comes after Aurelius announced on Friday, November 24, that it did not intend to make an offer for musicMagpie while BT have pulled out today.
The takeover talks came after musicMagpie has seen its shares slump since a stock market flotation. Its shares did spike when the talks were first announced before falling back down.
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musicMagpie has seen shares come under pressure since the pandemic, with trading hit earlier this year by postal strikes and poor consumer confidence. Its US business, Decluttr, has also struggled to make headway in the American market.
The group was launched in 2007 selling second-hand CDs and later expanding into DVDs, books and video games. It now also recycles mobile phones and tech gadgets for resale.
A statement issued to the London Stock Exchange said: "The board of musicMagpie notes the announcement on 24 November 2023 from Aurelius Investment Advisory Ltd on behalf of investment entities managed or advised by it or its affiliates, and the announcement on 27 November 2023 from BT Group plc, that they do not intend to make an offer for musicMagpie.
"Following the announcement by the company on the 20 November 2023, which commenced the offer period in respect of the Company in accordance with Rule 2.4 of the code, 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.
"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. A further announcement will be made as appropriate."
