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Creston's Buy-Out Talks Break Down
Marketing services group Creston Plc has informed the Stock Exchange that it has ceased its discussions with its potential buyer, a private equity firm, and is not in talks with any other buyer.
The company first announced in mid-September that it was in buy-out talks, with the potential buyer in the final stages of due diligence and arranging finance; and was reported just a week ago to have received a second takeover approach, this time from its biggest shareholder, US private equity firm Cartesian Capital Group, which owns just over 10% of its stock.
Creston is due to report its interim results for the period to 30 September on 27 November, and is expected to reaffirm its solid underlying performance and positive new business activity. The group, whose share price dropped following news of the buyout failure, owns 12 marketing companies, including ICM and CML Research, plus ad and direct martketing agencies.
Another UK-based marketing services group with MR interests, TMN, also had plans for a buy-out cancelled earlier this year.
Web site: www.creston.com .
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