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The board of Music Magpie has confirmed that it is in preliminary talks with BT Group plc and Aurelius Group over a potential offer to purchase all of MusicMagpie’s issued and to-be-issued share capital.
It stated that discussions between the parties are ongoing and remain at a very early stage.
As a result, it said that neither the parties’ intentions nor the terms of any offer they may make for the company “can be guaranteed”.
According to its first-half trading update, the group said that its revenue fell to £61.9m from £71.3m at the same time last year, but overall performance was in line with expectations.
The business claimed that in December and January, poor consumer confidence and postal strikes had negatively impacted trading.
Music Magpie said: “On 18 December by 5pm, at the latest, the parties shall, in compliance with Rule 2.6(a) of the Code, either announce that they each intend to make an offer for MusicMagpie in line with Rule 2.7 of the Code, or declare that they do not intend to make an offer for MusicMagpie, in which case the announcement shall be deemed a statement to which Rule 2.8 of the Code applies. According to Rule 2.6(c) of the Code, this period may only be extended with the Takeover Panel’s approval.”
