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Yellow Pages sale discontinued as target price too high

Tuesday 28th September 2010

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Yellow Pages Group, which was sold by Telecom three years ago for some $2.24 billion, has been taken off the market.

The company decided against pursuing the sale, saying the current economic climate wasn’t suited to large merger and acquisition activity, and probably wouldn’t achieve investors’ expectations. It will now restructure its debt with the help of its banking syndicate.

“The banking syndicate has been working hard to achieve an outcome that will take Yellow into the future,” chief executive Bruce Cotterill said in a statement.

“We look forward to working with them to finalise the debt restructure.”

For much of this year, speculation has been rife the company, which was bought in a leveraged buy-out by Hong Kong-based Unitas Capital and Canada’s Ontario Teachers’ Pension Plan, was up for sale to rein in debt.

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