Media acquisitions firm Critical Information Group has ended its interest in a possible takeover of business publisher Centaur Media.
The company issued a statement this morning in which it said it would not proceed with an offer after making initial inquiries to buy Centaur, publisher of The Lawyer and Marketing Week.
Today’s announcement follows a takeover panel last week giving Critical Information a “put up or shut up” deadline of 7 December to table a suitable takeover bid for Centaur.
Critical Information said today: “The board and its advisers have reviewed the current situation and circumstances in respect of its approach to Centaur and the board has concluded that it does not wish to proceed with an offer.
“CIG’s investment strategy remains to acquire public or private media companies and businesses which have the potential for operational improvement and would generate long term shareholder value though further consolidation.”
Critical Information said last month it retained an interest in buying Centaur despite having an initial proposal rejected by the business publisher which claimed the proposal undervalued the company.