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Business News Labels & Publishers
Chrysalis in merger talks
By CMU Editorial | Published on Tuesday 2 November 2010
Chrysalis might be up for sale again. Or at least interested in merger proposals.
The independent publisher last let it be known that it was interested in takeover approaches just before the credit crunch, not long after it had offloaded its radio business to Global Radio. But only one formal bid was ever made – by EMI, which the Chrysalis board considered too low – and then, with the economy collapsing all around, the publisher’s top guard put the idea of selling out or merging on hold.
But yesterday Team Chrysalis confirmed they were in “early stage discussions with a number of parties regarding merger opportunities”, though cautioned that “discussions are at a very preliminary stage and there can be no certainty that an offer will be made for Chrysalis or as to the terms on which any offer would be made”. The statement followed speculation that the company’s Chairman and co-founder Chris Wright was participating in merger talks.
The Chrysalis board’s statement did not name any of the possible buyers or merger partners, though it is widely assumed the acquisitive BMG Rights Management and/or Imagem Music are definite contenders. The company’s share price rose 24% on the back on the merger and acquisition chatter.
