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Last Updated: Monday, 24 July 2006, 07:36 GMT 08:36 UK
MAMA eyes up Sanctuary takeover
Beyonce Knowles
Beyonce is on Sanctuary's roster of music artists
Under-pressure UK music group Sanctuary has received a takeover approach from smaller rival MAMA.

Sanctuary said the "unsolicited approach from MAMA may or may not lead to an offer for the company".

MAMA, which manages bands including Franz Ferdinand, said it had made an all-share proposal but had not received a "meaningful response" from Sanctuary.

It said it would prefer to work with Sanctuary, but might proceed with a bid without the firm's support.

Eclectic roster

In June, Sanctuary warned losses would be wider than expected this year, after poor trading at its recorded music arm.

Frank Presland, who took over after the sacking of chief executive Andy Taylor, said the firm would make a pre-tax loss of 17m to 22m in the year to 30 September.

Sanctuary said the majority of the loss would come from one-off exceptional items, including restructuring costs.

Sanctuary Records is the world's largest independent music group.

As well as releasing music from artists including Morrissey and The Strokes, Sanctuary manages Destiny's Child, Iron Maiden, Groove Armada and other acts.




SEE ALSO
Sanctuary warns of looming losses
23 Jun 06 |  Business
Sanctuary sacks boss over figures
26 May 06 |  Business
Sanctuary outlines rescue plans
30 Jan 06 |  Business
Sanctuary cuts a quarter of staff
10 Oct 05 |  Business
Sanctuary ends its takeover talks
26 Sep 05 |  Business
Sanctuary shares slump on warning
17 Jun 05 |  Business

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