|
Title: Music group Sanctuary ends all buy-out talks Post by: darknemus on September 26, 2005, 02:04:04 PM link: http://today.reuters.co.uk/news/newsArticle.aspx?type=entertainmentNews&storyID=2005-09-26T160028Z_01_HO657342_RTRUKOC_0_UK-MEDIA-SANCTUARY.xml
Article: Quote LONDON (Reuters) - Sanctuary, the debt-laden music group that has issued a string of profit warnings in recent months, said on Monday that all potential buy-out discussions have ended. "Following a review of the discussions to date regarding a possible offer for the company, it has decided to withdraw from all remaining discussions with third parties who had previously expressed an interest," Sanctuary said in a statement. Music majors including EMI Group and Warner Music Group had at one time considered buying some or all of the company, according to sources familiar with the situation. Sanctuary said it still has the support of its bankers. The company's shares fell 18 percent to 6.5 pence by 1527 GMT (4:27 p.m. British time). Sanctuary is the world's largest independent music label and a major force in artist management, touring and merchandising. Its artists include Elton John and former Guns 'n' Roses frontman Axl Rose. Last week Sanctuary said it expected to post a full-year loss before interest, tax, depreciation and amortisation, well below analyst expectations, following a series of problems at its operating businesses. It plans a major series of cost-cuts by year-end. ? Reuters 2005. All Rights Reserved. -darknemus |