Shares of Stockport-based musicMagpie fell about 15% after it was announced that BT Group plc does not intend to make an offer for musicMagpie.

Last Friday, private equity firm Aurelius Group also said it does not intend to make an offer for musicMagpie.

However, musicMagpie said on Monday it continues to seek potential buyers.

On November 20, musicMagpie had said it was in “early-stage discussions” with both BT Group plc and Aurelius Group about a possible offer to acquire musicMagpie.

The Stockport firm went public in 2021 at 193p but its shares have since fallen more than 90% to about 16p.

musicMagpie allows consumers to buy, rent and sell refurbished consumer technology.

In a stock exchange statement, musicMagpie said: “The board of musicMagpie notes the announcement on 24 November 2023 from Aurelius Investment Advisory Ltd on behalf of investment entities managed or advised by it or its affiliates, and the announcement on 27 November 2023 from BT Group plc, that they do not intend to make an offer for musicMagpie.  

“Following the announcement by the company on the 20 November 2023, which commenced the offer period in respect of the company in accordance with Rule 2.4 of the Code (Offer Period), the company continues to seek potential buyers for the entire issued and to be issued share capital of musicMagpie, and, as such, remains in an Offer Period. 

“There can be no certainty that any offer for the company will be made, nor as to the terms of any such offer. Accordingly, shareholders are advised to take no action at this time.”