Former Centaur Media CEO Geoffrey Wilmot abandons plans to make an offer for the company
Former chief executive of Centaur Media Geoffrey Wilmot has abandoned plans to make an offer to acquire the company.
Bid: Former CEO Wilmot floated the idea of making an offer
Wilmot had until close of business on Tuesday 22 October to either move the plans forward or abandon them following the announcement last month that he’d taken part in “preliminary discussions” with prospective finance providers and was considering an offer.
A stock market statement said: “On 24 September 2013 Mr Wilmot announced that he was considering an offer for Centaur and to that end had held preliminary discussions with certain prospective finance providers.
“Since then, Mr Wilmot has engaged with an extended number of finance providers and these discussions have progressed significantly. However, it has become apparent that the board of Centaur's views on the value of the company materially diverge from those of Mr Wilmot and his potential financing partners.
“Accordingly Mr Wilmot confirms that he currently does not intend to make an offer for Centaur."
The former chief executive was sacked in May after seven years with the company when Centaur – which publishes titles including The Lawyer, Creative Review and Marketing Week - issued a profit warning and was replaced by Mark Kerswell as interim CEO.
When talk of a possible bid became public in September, Centaur reported that no discussions had taken place with Wilmot.
The Drum was awaiting a response from Centaur Media at time of publication.
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