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 ...