After the disclosure last week of a large and unexpected holiday loss and “discussions” with its bank about the company’s revolving credit line, Quercus has announced it will “seek potential offerors by means of a formal sale process,” which the board decided “would be in the best interests of the company’s shareholders.” Livingstone Partners is running the sale, and the publisher has received permission under the UK’s takeover rules to allow bidders to keep their identity confidential. The company “continues to have constructive dialogue with its bankers, Barclays” and notes the “sale process is at an early stage and…there can be […]
