MusicMagpie will be sold to AO for £10 million

AO is to buy musicMagpie £10 million. The deal is structured as a “scheme of arrangement” and is expected to be finalised pending court approval.

Around 54 per cent of MusicMagpie shareholders, including key institutions, have shown support for the acquisition. A scheme of arrangementis a legal process used in corporate transactions, including mergers, takeovers, or restructurings, where a company can make binding agreements with its shareholders or creditors.

]It requires the approval of a majority of shareholders (or creditors), and then it must be sanctioned by a court. Once approved, the scheme becomes legally binding on all shareholders or creditors, even if some initially opposed it.

A year ago musicMagpie was in takeover talks with both BT Group and pan-European alternative investment firm AURELIUS Group (more follows)