LONDON (CelebrityAccess MediaWire) — Sanctuary Group, the financially troubled independent British music company, has confirmed that it “has received approaches from third parties that may or may not lead to an offer for the company,” following a significant rise in the company’s shareprice.
The company delivered a statement to the London Stock Exchange confirming the bids, and added that a further announcement will be made “in due course,” according to Billboard.
The London-based firm’s stock price rose nearly 40% in the final days of trading last week.
Sanctuary’s assets have been circled by a handful of suitors in recent years, including a formal bid by British music firm MAMA Group last year, which was withdrawn months later.
The publicly-traded company announced last month that its recorded product division “continues to suffer,” and warned that it would not achieve overall profitability until 2008 or later. Sanctuary has been pushing ahead with a program of strategic disposals, including the sale of its stake in the independent Rough Trade label. –by CelebrityAccess Staff Writers