UK Small Caps

LONDON (ShareCast) - European newspaper group Mecom terminated all discussions on the disposal of its 51% stake in Polish subsidiary Presspublica because the "offers did not come close to reflecting the true value of the asset."

The group said it agreed with the 49% shareholder, PWR, that any future approach by a third party will be considered jointly by the Presspublica shareholders while preserving the individual rights of each.

"Mecom views as unlikely any bid approach in the current circumstances. Therefore Mecom commits to being a long term shareholder in the development of Presspublica and has agreed to work with PWR energetically towards securing the business for the future," said the group.