(CelebrityAccess MediaWire) – Mean Fiddler admitted yesterday that it was in talks that may lead to an offer for the live music company after its shares rose by almost 13 percent on takeover speculation.
Mean Fiddler has promoted tours for artists such as Justin Timberlake and Britney Spears. The UK-based company is involved in the Glastonbury and Reading music festivals as well.
Vince Power, the chairman who founded mean fiddler 20 years ago, may be able to sell his share of the company at a much higher bid price that in the past. A plan to sell his share of the company at a 41 percent stake fell apart four months ago.
Rumored buyers include many large groups, including Clear Channel Entertainment and Anschutz Entertainment Group, according to Times Online.
Mean Fiddler owns London music venues such as the Astoria and Jazz Café. It employs more than 300 people.
The company became a possible takeover target after the collapsed deal last October with Media Internet Telecom, a company owned by Richard Clingen, the former Cable & Wireless Caribbean marketing executive.
Vince Power originally intended to remain a non-executive director overseeing the festival business for the company. His exit as chairman was supposed to mark the company’s move into the online supply market, delivering music into homes via the internet. The original proposal collapsed after a rift between the top executives of the companies. –by CelebrityAccess Staff Writers