Quarto terminates sales talks
The Quarto Group has terminated discussions with an unsolicited bidder on the ‘mutual agreement’ of both parties, reports the Bookseller.
As previously reported by Books+Publishing, Quarto announced the offer from an unnamed third-party buyer along with its first-half results last week.
Quarto company secretary Anne Crompton said ‘the regulatory approvals required by the bidder to complete the proposed acquisition were increasingly less likely to be granted on the timeline first indicated’.
‘Recognising the importance of delivering a strong finish to the year and after carefully considering the interests of all shareholders, the board was not prepared to prolong discussions further to avoid distraction to management at such a critical time of year for the business,’ said Crompton.
Chief executive Marcus Leaver told the Bookseller said when staff were informed of the decision they were ‘very happy we’re staying independent’.
Category: International news