Chrysalis Ends Takeover Talks
April 15, 2008 at 5:26 AM (PT)
DAVID BOWIE, BLONDIE and GNARLS BARKLEY publisher CHRYSALIS GROUP PLC said it had ended talks with would-be buyers after rejecting a 104 million pound ($205.4 million), 155 pence-per-share cash offer, reports REUTERS. CHRYSALIS sold its radio assets last year to focus on its music publishing and recording business and said in DECEMBER that it was in preliminary discussions with "select parties."
"The Board is terminating the process and CHRYSALIS can confirm that it has ended discussions with potential buyers," it said in a statement on TODAY (4/15). "The position of potential buyers and current valuation levels have been negatively impacted by global economic and credit market conditions."
Music groups EMI and WARNER CHAPPELL were tipped as bidders while SONY/ATV, a joint venture between SONY and MICHAEL JACKSON, and private equity firms working with specialist music publishers were also believed to be interested.