Leading re-commerce company Magpie is in takeover talks with both BT and pan-European alternative investment firm Aurelius Group
A statement from musicMagpie 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. This announcement has been made without the consent of BT Group plc and Aurelius Group.”.
BT and Aurelius have until December 18 to make up their mind to proceed with an offer.
According to its latest published accounts, parent company Entertainment Magpie produced £110.1 million in revenue and a gross profit of £31.4 million which could put an offer price in the region of £350 million. The company claims to be the World’s top transactional reseller on eBay and Amazon based on feedback.
Music Magpie was set up in n 2007 operations in Macclesfield and Hazel Grove and in the US in Atlanta.