MAMA Group Pulls Out of Sanctuary Takeover
MAMA says it now believes there to be "little merit" in attempting to continue to seek an acquisition of Sanctuary and, as a result, withdrew from talks. It "is no longer considering making an offer for Sanctuary," the company confirmed.MAMA made a formal all-share bid on July 14, which it described as "in the best interests of Sanctuary shareholders." Sanctuary rejected the bid at a July 27 meeting.
Helmed by co-CEOs Adam Driscoll and Dean James, MAMA has a reported market capitalization of £16 million ($29.6 million). The media and marketing group is quoted on the Alternative Investment Market segment of the stock exchange. Its Channelfly subsidiary includes a chain of U.K. live music venues, plus interests in music recording and publishing, and artist management.