CREDIT CRUNCH ADDS TO INDUSTRY TROUBLES
Chrysalis Publishing announced today that it has rejected a 155p per share cash offer for the company. The company declined to name the bidder but sources with knowledge of the deal say it was EMI. Chrysalis shares fell sharply.
Chrysalis claims the offer “significantly undervalues” the company and that it has stopped looking for a buyer. It claimed that global and credit market conditions had stopped it from getting full value for its assets.
