SANCTUARY Gets Bid Approaches

May 18, 2007

Reuters reports that struggling British music company Sanctuary Group Plc — which was co-founded by IRON MAIDEN manager Rod Smallwood and named after one of the heavy metal band's songs — said on Friday it had received approaches from third parties that could lead to a takeover offer, sending its shares as much as 50 percent higher.

Sanctuary, whose artists include MORRISSEY and THE STROKES, declined to say how many approaches it had received or to name its suitors.

In July, Sanctuary rejected an all-share bid proposal from MAMA Group, which manages the KAISER CHIEFS and FRANZ FERDINAND.

"The company confirms that it has received approaches from third parties that may or may not lead to an offer for the company," Sanctuary said in a brief statement.

Sanctuary reported an operating loss of 56.7 million pounds in the year to September 30.

It said in April that it would not achieve profitability until at least 2008 and that its recorded product division would miss expectations for this financial year.

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