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Reidy: No UK acquisition for S&S
16.10.08 | Katie Allen
An acquisition to bolster Simon & Schuster's UK operation is currently "off the table", the group president and chief executive Carolyn Reidy has told The Bookseller. Speaking from Simon & Schuster's stand in Frankfurt's Hall 8, Reidy said: "Our parent corporation, CBC, like all corporations is going to be looking very closely at its cash, so in the short-term the chance that we will make an acquisition is highly unlikely."
Reidy was elevated to the top position at Simon & Schuster at the beginning of the year upon the retirement of long-standing c.e.o. Jack Romanos. In March she said that she wanted the UK arm to grow to sales of £100m within five years, roughly three times its current size, and said she was in the market to buy to achieve that.
Reidy suggested that deals could also be hampered by the fluctuations of company valuations on the world's stock markets. "How do you determine the value of anything right now, things are moving so quickly," she said.