Mean Fiddler Music Group boss Mr Vince Power yesterday denied speculation that its Irish-based shareholder, MCD, has approached it with an offer for the company.

London-listed and based Mean Fiddler last week announced that it had received a preliminary approach from an un-named party that could lead to an offer for the company.

The announcement sparked speculation that the Mr Denis Desmond-controlled music promoter MCD, which has 24.3 per cent of the Mean Fiddler, had made the approach.

However, Mr Power yesterday bluntly denied the reports. "There is nothing in it," he told The Irish Times. "It is not MCD." Mr Power said he could not comment beyond that.

MCD is the second-biggest shareholder in the Mean Fiddler after Mr Power's 35 per cent stake. Mr Desmond has made it clear in the past that he is interested in taking over the group, which owns a number of UK music venues, the Reading rock festival and 34 per cent of the Glastonbury music festival.

Last autumn he effectively halted a shake-up of the group that would have seen it take over electronic media partner MIT and led to Mr Power selling his stake for €18 million and stepping down as chief executive.

Mr Desmond objected because the group had not told him it planned to raise €8 million by issuing new shares to financial institutions.

A spokesman said at the time that stock exchange rules did not oblige it to do this.

It subsequently emerged that Mr Desmond planned to continue building his stake in the business, although he had no immediate plans for a takeover.

Sources yesterday did not rule out the possibility of his launching a bid in response to last week's development.

It is understood that a British group with an existing business in leisure and entertainment is behind the latest approach to Mean Fiddler.

One London broker said that the group would be an attractive play for a number of pub chains looking to branch out.

He pointed out that many of these businesses were cash rich and were seeking to diversify ahead of the likely introduction of a smoking ban in the UK over the next few years.

Mean Fiddler made the announcement a week ago after a sustained increase in its share price which brought it past the 53p sterling mark, the highest level it has reached since last September.

It closed unchanged in London last night at exactly 53p.