Nov 27 Reuters MusicMagpie said on Monday it will continue to seek buyers after telecoms group BT confirmed it will not make an offer for the British online retailer of used smartphones and electronic products.

Shares in musicMagpie fell 19 to a nearly threemonth low of 16.35 pence, giving it a market value of just over 17.5 million pounds 21.81 million.

The seller of secondhand DVDs and computer games last week said it was in earlystage talks with BT and Aurelius Group regarding a possible buyout offer. A few days later, Aurelius Investment said it did not intend to make an offer for the company.

Neither BT or Aurelius provided a reason for dropping out of the takeover talks.

As of Friday39;s close, musicMagpie stock had lost almost 90 of its value since its market debut in April 2021 as a costofliving squeeze hurt sales.

The firm, which resells Apple products in the UK and U.S., in July said it was confident in meeting fullyear expectations.

1 0.8025 pounds

Reporting by Prerna Bedi in Bengaluru; Editing by Devika Syamnath

Source Reuters