October 22, 2013updated 23 Oct 2013 1:20pm

Former Centaur chief executive Geoff Wilmot shelves bid to take publisher back into private hands

Former Centaur chief executive Geoff Wilmot has shelved his bid to take over the business.

He revealed today that he had made "significant" progress in securing backing to take the company back into private hands but that he had failed to agree a price with the Centaur board.

Following the shelving of Wilmot's bid (update: 23/10/2013) former chief executive of EMI Music UK and Ireland Andria Vidler has been confirmed as the new Centaur chief executive.

She replaces group finance director Mark Kerswell who had been doing the job on an interim basis.

Wilmot confirmed on 24 September that he was in talks with financial backers about making a bid for the business.

He left Centaur in June along with managing director of the business publishing division Tim Potter.

A stock market announcrment confirming the bid move said: "Mr Wilmot notes the recent movement in the share price of Centaur.

"Mr Wilmot, the former CEO of Centaur, confirms that he is considering an offer for Centaur and to that end has had preliminary discussions with certain prospective finance providers."

Under stock market rules Wilmot had until today (22 October) to either make an offer for Centaur or withdraw.

A fresh stock market statement said today: "On 24 September 2013 Mr Wilmot announced that he was considering an offer for Centaur and to that end had held preliminary discussions with certain prospective finance providers.

"Since then, Mr. Wilmot has engaged with an extended number of finance providers and these discussions have progressed significantly. However, it has become apparent that the board of Centaur's views on the value of the company materially diverge from those of Mr Wilmot and his potential financing partners.

"Accordingly Mr. Wilmot confirms that he currently does not intend to make an offer for Centaur."