Wilmington takeover talks broken off

by Daniel Farey-Jones, Brand Republic 16-Sep-08, 11:20

LONDON - Wilmington, the business media company that owns journalists' monthly Press Gazette, is no longer in talks about a potential offer for the company.

On July 28 the company said it had received a takeover approach, which is believed to have come from private equity group Hg Capital.

Without commenting on the identity of the party, Wilmington today said discussions with it have been terminated.

Its shares have fallen 18% this morning to 158.5p.

The company employs 800 people and made revenues of £81.5m in the year to June 30, 2007 and owns a range of publications that include Solicitors Journal, Charity Choice and HPCi, as well as catering to sectors such as law, accountancy, surveying, finance, charity and pharmaceutics.

Wilmington bought Press Gazette in 2006, saving the weekly title from closure.