Yell, the UK telephone directories company, has dropped JP Morgan as a bookrunner on its revived initial public offering, which is now being led only by Goldman Sachs and Merrill Lynch.

When Yell first attempted to float a year ago, Goldman, JP Morgan and Merrill Lynch were joint bookrunners. Merrill was always a favourite to lead the deal as it originated Yell's buy-out from BT to Hicks, Muse, Tate & First and Apax Partners, two private equity firms.