Titan Worldwide Secures Control Of Maiden For £50m

Titan Holdings, owner of advertising firm Titan Outdoor, has agreed to buy beleaguered poster specialist Maiden Group for just under £50 million.

The deal, announced to the stock market this morning, has been accepted by 57% of Maiden’s shareholders, which have been forced to sell following a breach in the company’s banking agreements.

Maiden, which holds advertising contracts for more than 1,000 UK railway stations, is believed to be around £39 million in debt, and has struggled in recent months, pulling out of the race for Irish rail and bus operator, CIE, at the end of last year in order to examine “strategic options” for the company (see Viacom Hopeful For CIE Contract Following Maiden Withdrawal).

Titan, which won the CIE contract following Maiden’s withdrawal (see Titan Scoops CIE Account From Hopeful Viacom Outdoor), has reportedly agreed a price of 20 pence for each share in maiden, significantly undercutting its closing price yesterday of 27.5 pence.

“We have looked at a wide variety of strategic options,” Maiden’s chief executive Ronald Zeghibe told Reuters this morning. “However, in view of the position taken by our banks, we now have no alternative but to accept the offer from Titan, which in the circumstances is the best available for Maiden shareholders, its employees and customers.”

Maiden: 020 7838 4000 www.maiden.co.uk Titan Outdoor: www.titanoutdoor.com