Quarto approached for sale
The Quarto Group has received an unsolicited approach for sale from a third-party buyer, reports the Bookseller.
Quarto said the board considers the price ‘attractive and reflective of the inherent value of the business as a global publishing platform’.
Chief executive Marcus Leaver said: ‘Discussions are at an early stage; no formal offer has been made yet and there can be no certainty that any offer will materialise, although we are gratified by the resources that have been committed by the potential acquirer at this stage.’
Leaver added that the publisher’s ‘main concern is to present the best offer to our shareholders while making sure the potential acquirer would be a good home for each and every one of our employees’.
Quarto announced the news along with its results for the first half of the year, which had revenues down 13% to US$50m (A$63m) following ‘continued softness in the retail environment’. In July, Quarto issued a profit warning for its first-half results.
Category: International news