Centaur Media, the event and business magazine publisher, has hit out at claims it is awaiting a serious takeover offer from Critical Information Group (CIG), a UK company formed to acquire and consolidate media companies and businesses.
CIG has been told by the UK Takeover Panel to “put up or shut up” over its bid to acquire Centaur, organiser of Earls Court’s National Home Improvement Show, and must formalise its intention by 7 December or wait six months before being allowed to try again.
However, a spokesman for Centaur told Exhibition World that there had been no direct conversation with CIG after the company’s initial declaration of interest to the London Stock Exchange on 17 September.
“What their reasons were for announcing this to the whole stock market are unclear, but we’ve heard nothing since. There is nothing going on; these claims of takeover stem purely from the announcement CIG put out on the stock exchange.
“This ‘put up or shut up’ request is our way of putting this annoying distraction behind us.”
Centaur rejected CIG’s indicative proposal on the grounds that it materially undervalued the company. CIG responded by saying it maintained its interest in acquiring Centaur and would actively consider its options.
As well as organising events, Centaur publishes business-focused magazines including Marketing Week and The Lawyer.
Shares at Centaur Media have jumped 45 per cent in the last three months, trading at £0.54 (US $0.89) on the London Stock Exchange on Friday.