The Quarto Group, which announced last week that it was in early negotiations with a potential buyer, has ended the discussions, the company said today. The talks, halted by "mutual agreement" of both parties, were "not progressing to the satisfaction of the board. It became clear that the regulatory approvals required by the bidder to complete the proposed acquisition were increasingly less likely to be granted on the timeline first indicated."
The company added: "Recognizing the importance of delivering a strong finish to the year and after carefully considering the interests of all shareholders, the board was not prepared to prolong discussions further to avoid distraction to management at such a critical time of year for the business."
Quarto CEO Marcus Leaver told the Bookseller that staff he had spoken with since revealing the decision were "universally... very happy we're staying independent." He added that the company will continue to listen to credible offers, noting: "This was an unsolicited offer and while it was pitched at an attractive premium, the board considers it imperative that the company remains focused on delivering a strong finish to the year. I welcome the clarity which this decision brings.... If it took until March or April, I don't think that for shareholders or for staff living in limbo would be good news. And what happens if we get that far and the regulator says 'no?' Because there's no certainty."
Quarto, which is domiciled in the U.S. and is listed on the London Stock Exchange, sells books in 47 countries in 39 languages and in the U.S. owns Walter Foster Publishing, becker&meyer, Harvard Common Press, Voyageur Press, Burgess Lea Press, Rockport Publishers, Creative Publishing International, Motorbooks and others.