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Last Updated: Friday, 8 April, 2005, 20:05 GMT 21:05 UK
Mean Fiddler accepts takeover bid
The Darkness play Reading Festival '04
Mean Fiddler organises the popular Reading Festival
Music promoter Mean Fiddler has accepted a takeover offer which values the company at around 37.9m ($71.3m).

The successful approach has come from US giant Clear Channel Entertainment and Irish firm Gaiety Investments.

Mean Fiddler owns the London Astoria, the Reading Festival and 39% of the Glastonbury Festival.

The deal, which is still subject to approval by Mean Fiddler shareholders, will see the firm's founder Vince Power pocket around 13m for his 35% stake.

He set up the company more than 20 years ago.

Hamsard, Clear Channel and Gaiety's joint investment vehicle - which already owns nearly a quarter of Mean Fiddler shares - said the UK firm was "highly complementary" to its existing business.

"Following the acquisition, the Mean Fiddler group will continue to pursue a strategy of delivering world-class event promotion and event management both through its festivals and music businesses in the UK," said Hamsard.

Gaiety Investments owns music promotion business MCD Productions.


SEE ALSO:
Mean Fiddler ditches new boss
05 Oct 04 |  Business
Festival row boss meets Fiddler
20 Aug 04 |  Berkshire
Mean Fiddler losses grow
01 Jul 03 |  Entertainment
Festival firm plans download site
22 Mar 04 |  Entertainment


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