Gloo Networks, a listed takeover vehicle that aimed to buy up and turn around struggling print media brands, has given up after failing to seal a deal in almost three years.
The company, backed by Marwyn, the private equity fund that made a strong return on Peppa Pig maker Entertainment One, said it would hand back the remainder of the money it raised and enter liquidation.
Gloo, led by former magazine executive Rebecca Miskin, attracted investment from institutions including Standard Life and Invesco. It initially raised £30m on Aim to pay for due diligence on takeover targets but had support from shareholders to seek deals worth up to £1bn.
Hopes were further raised when appointed a big name chairman, Vivendi chief executive Arnaud de Puyfontaine, who had worked with Ms Miskin at Hearst, the magazine publisher behind Cosmopolitan.
By Christopher Williams.
Full story at Yahoo News.
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