A potential takeover bid for UK-based Entertainment Rights has been halted, according to a statement issued by the company today.
The talks officially started on January 21, when ER announced that it was in preliminary discussions with interested parties about a potential takeover.
Chairman of ER Rod Bransgrove commented that although the initial talks bore no fruit, he is still optimistic about the firm’s financial future.
‘The Board of ER believes that the Company has significant underlying value and remains in a strong position with regard to generating returns from its extensive portfolio of brands and content,’ he said.
In March, CEO Michael Heap resigned as the director of the company to make way for former chief of Warner Music UK, Nick Philips.