British venue owner and concert promoter Mean Fiddler Music Group has confirmed that it is the target of a takeover bid. The company admitted its position on Feb. 14 after its stock soared 12% on the
LONDON -- British venue owner and concert promoter Mean Fiddler Music Group has confirmed that it is the target of a takeover bid. The company admitted its position on Feb. 14 after its stock soared 12% on the London stock exchange before closing up 6p ($0.11) at 53p ($1.00).
"The board of Mean Fiddler notes the recent rise in the company's share price and confirms that it has received a preliminary approach from a party that may or may not lead to an offer being made for the company," said the company in a statement.
One of the leading players in the British live-music business, MFMG owns such venues as the Astoria, the Forum and Jazz Cafe and promotes the Glastonbury Festival and the Reading and Leeds Carling Weekend.
Of its rivals, Clear Channel Entertainment, Academy Music Group Limited (formerly McKenzie Group) and Irish firm MCD are among its likeliest suitors. In December 2003, MCD -- which owns Dublin venues the Point, Olympia and Gaiety --bought 10 million shares, or about 16.2%, in MFMG.
News of the bid caps an eventful four months for London-based MFMG. Last October, chairman and founder Vince Power scrapped a complex deal to merge the company with its joint-venture multimedia partner Media Internet Telecom and aborted plans to raise funds by a share placing. Power, who was to have sold his 35% stake in the company, reversed his decision and has remained at the helm of the company.