Duncan Edwards, chief executive of the National Magazine Company, has confirmed that the company has pulled out of the bidding for Emap’s consumer magazine division.
Edwards emailed staff earlier today to say that he would not be buying the business, according to a report on MediaGuardian.co.uk.
The report quotes the email as saying: “As I am sure most of you will have seen, there has been a lot of speculation in the press recently about the future of Emap’s magazine business and about the possible interest shown by NatMags as a potential buyer,” the email reads.
“I can’t tell you a lot about this speculation, but I can confirm that we are no longer involved.”
It is believed that the Emap board met yesterday to consider bids for its consumer division, which is valued at about £700 million.
Earlier this week, rumours had it that private equity firm Apax was favourite to buy the company’s business-to-business publishing business (see Apax Now Emap Favourite).
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