UK's musicMagpie will keep seeking buyers as BT ends talks (updated)

Musicmagpie

27/11/2023 14:34

(Recasts to add musicMagpie statement in paragraph 1, share
movement in paragraph 4)
       Nov 27 (Reuters) - 
    MusicMagpie  MMAG.L  said on Monday it will continue to seek
buyers after telecoms group BT  BT.L  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 products in the UK and U.S.,
in July said it was confident in meeting full-year expectations.
 


    


($1 = 0.8025 pounds)

 (Reporting by Prerna Bedi in Bengaluru; Editing by Devika
Syamnath)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))