Earlier this month, CIG was given until 7 December by City regulators to table a takeover offer for Centaur, publisher of The Lawyer, or walk away for six months. The group, which approached Centaur with a bid on 17 September, was issued with a so-called "Put up or shut up" notice by the Takeover Panel.
Today (12 November), CIG said it had "reviewed the current situation and circumstances in respect of its approach to Centaur and the board has concluded it does not wish to proceed with an offer."
However, the company said it reserved the right to make or participate in an offer for Centaur in several circumstances, for example, if a third party tabled an offer for Centaur.
CIG said its investment strategy was still to acquire "public or private media companies and businesses, which have the potential for operational improvement and would generate long-term shareholder value though further consolidation".
Bazalgette, former UK chief executive and global chief creative officer of Endemol, joined the company in June.
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