PIAS's widely speculated acquisition bid for Co-Op is not yet finalised, insiders close to the deal have today insisted.
As reported in today's magazine, Music Week understands the deal to is due to be completed within the next seven days.
However, Universal insiders strongly refute MW's reporting of the acquisition as a 'done deal', insisting that negotiations are still ongoing.
Indie label bosses currently affiliated with Co-Op - such as Heavenly Recordings’ Jeff Barrett and Lucky Number Music’s Stephen Richards - spoke out about the proposed deal in an open letter last week.
The letter argued that the deal would mean choice of distribution "will be restricted" for small indies in future, and claimed that "Universal refused to consider offers from other potential buyers".
PIAS competitors and other senior indies seemed less concerned by the prospect of the buyout when speaking to Music Week, but some anonymously expressed frustration over seeing their bids for Co-Op rejected.