musicMagpie shares jump on early takeover talks with BT Group and Aurelius
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+25.33%
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+0.13%
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LONDON – Shares of Stockport-based musicMagpie soared nearly 30% today as the company confirmed preliminary acquisition discussions with telecom giant BT Group (LON:BT) plc and investment firm Aurelius Group. The news comes after a significant drop in the company’s share value since its initial public offering (IPO) in 2021.
musicMagpie, a reseller of refurbished consumer electronics, went public with an opening share price of 193p. However, its share price experienced a steep decline, plummeting close to ~90% to about 25p before today’s announcement. The surge in share price reflects the market’s optimism regarding the potential buyout.
Investors and shareholders have been urged to exercise patience and not rush into any decisions regarding their holdings in musicMagpie. The Takeover Panel has given both BT Group and Aurelius Group until December 18, 2023, to declare their intentions to make a definitive offer or withdraw their interest in acquiring musicMagpie.
The commencement of an offer period was triggered by these conversations, indicating that musicMagpie is now officially in play for a takeover. This period is designed to ensure that shareholders are adequately informed and that the company is not subject to prolonged periods of uncertainty.
The Takeover Panel, which oversees mergers and acquisitions in the UK, retains the authority to extend the December deadline if necessary. As the situation unfolds, shareholders have been advised to await further details before making any decisions related to their investment in musicMagpie.
