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MAMA Group Backs Away From Sanctuary Deal

LONDON (CelebrityAccess MediaWire) — After a meeting with the Sanctuary board and a subsequent rejection of MAMA Group's initial proposal on July 28, the Mama Group has withdrawn their possible offer to buy troubled Sanctuary.

In a statement released by the MAMA Group, they claim that Sanctuary was "Not prepared to engage in any meaningful dialogue with regard to MAMA Group's proposals"

Upon further consideration, the MAMA Group has stated that they now believe that there is "little merit in attempting to continue to seek an acquisition of Sanctuary" and has withdrawn their proposal accordingly.

The statement noted though that they retain the right to participate in an offer within the next six months if there is material change in the circumstances. – CelebrityAccess Staff Writers