BT Group plc (LSE:BT.A) has pulled out of takeover talks with musicMagpie plc (AIM:MMAG), sending shares in the second-hand smartphone retailer plunging by a fifth. The telecoms giant 27 November 2023 said it did not intend to bid for the tech-reseller. German investor Aurelius Group (Aurelius Group Limited) has also pulled out of the race, leaving the company without suitors.

Music- Magpie said it continued to seek buyers. MusicMagpie had hired Deloitte to explore a sale following a collapse in the company's share price. The retailer listed on the London Stock Exchange two years ago with a valuation of £200 million, but is now worth just £17 million.