The group, which last month revealed Centaur rejected its takeover approach on 17 September, has been issued with a so-called "Put Up or Shut Up" notice by the Takeover Panel. The City panel regulates company takeover approaches.
The panel said today (5 November) that Critical Information Group must "either announce a firm intention to make an offer for Centaur... or announce that it does not intend to make an offer for Centaur".
Should it announce it does not intend to make a bid, it will be prohibited from tabling a takeover offer for six months.
Last month, revealing its rejected takeover attempt, Critical Information Group said: "The company maintains an interest in acquiring Centaur and is actively considering its options."
Bazalgette, former UK chief executive and global chief creative officer of Endemol, joined the company in June.
According to company filings with the London Stock Exchange, Critical Information Group's investing activities will focus on B2B media businesses in the UK and overseas, "with a particular focus towards businesses involved in publishing and events".
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