MEAN FIDDLER was forced yesterday to admit that it was in talks that may lead to an offer for the live music group after its shares rose by almost 13 per cent on takeover speculation.
The company, which has promoted tours for artists such as Justin Timberlake and Britney Spears and is involved in the Glastonbury and Reading music festivals, said that it had received a preliminary bid approach. The company’s shares closed up 6p at 53p.
The news fuelled speculation that Vince Power, the chairman who founded Mean Fiddler 20 years ago, may be about to sell his share of the company after a plan that would have seen him cash in a 41 per cent stake collapsed four months ago.
Potential buyers include media companies with live music divisions such as Clear Channel and Anschutz Entertainment Group, which is owned by Philip Anschutz and plans to turn the Millennium Dome into a 20,000-seat stadium.
Mean Fiddler, which owns London music venues such as the Astoria and Jazz Cafe, employs more than 300 people and generates annual turnover of more than £50 million.
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The company emerged as a possible takeover target after the collapse last October of a planned £11.8 million share sale and £5.7 million acquisition of Media Internet Telecom, a company owned by Richard Clingen, the former Cable & Wireless Caribbean marketing executive.
Mr Power’s intention was to remain as a non-executive director overseeing the festivals business. His exit as chairman was to have marked the company’s move into the online supply market, delivering music into homes via the internet.But the proposal collapsed after a rift between key executives.