UK's musicMagpie will keep seeking buyers as BT ends talks
Reuters
Published Nov 27, 2023 13:37
Updated Nov 27, 2023 14:36
(Reuters) -MusicMagpie said on Monday it will continue to seek buyers after telecoms group BT (LON:BT) confirmed it will not make an offer for the British online retailer of used smartphones and electronic products.
Shares in musicMagpie fell 19% to a nearly three-month low of 16.35 pence, giving it a market value of just over 17.5 million pounds ($21.81 million).
The seller of second-hand DVDs and computer games last week said it was in early-stage talks with BT and Aurelius Group regarding a possible buyout offer. A few days later, Aurelius Investment said it did not intend to make an offer for the company.
Neither BT or Aurelius provided a reason for dropping out of the takeover talks.
As of Friday's close, musicMagpie stock had lost almost 90% of its value since its market debut in April 2021 as a cost-of-living squeeze hurt sales.
The firm, which resells Apple (NASDAQ:AAPL) products in the UK and U.S., in July said it was confident in meeting full-year expectations.
($1 = 0.8025 pounds)
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Written By: Reuters
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