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Takeover Talks End for Cagney
UK-based marketing services group Cagney - which owns consumer behaviour consultancy Tree - has announced that discussions regarding a possible takeover have now been terminated, three months after the prospect of a deal first emerged.
The initial approach was made in February, when Cagney announced early stage discussions. In a statement today, Cagney said that both parties had agreed that in the present economic conditions, their energies would be better directed towards consolidating their present business and ensuring financial robustness in the face of the continuing recession.
A year ago, Steve Mattey became CEO of the group with an aim to 'challenge the mainstream communication industry by attracting high profile business'.
In its recent 2008 financial statement, Cagney reported a gross profit increase of 8% to £8.1m, from an operating loss of £547,000 in 2007.
Web sites: www.cagneyplc.com and www.treelondon.com .
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