U.K.-based directories firm Yell Group said on Tuesday it had not had any takeover approaches, refuting media speculation to the contrary, and said it had no plans to make any big acquisitions itself.
"We have not had any approaches," Chief Executive John Condron told Reuters.
Condron said Yell would look to buy some of the small, independent directories businesses that it expects to struggle amid increasingly competitive U.S. markets.
However, the firm would not overpay.
"Some of them have stars in their eyes over (sale) multiples," he said in a telephone interview. "We will continue to mop up some of these smaller companies as long as the multiple is accretive to us."