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The star was due to appear in an in-depth interview session as part of the Festival's closing day lineup, but has now pulled out for unknown reasons.
"Due to unforeseen circumstances it is with great regret that Katie Price has had to cancel her appearance at the Festival," said a spokesman for Price. "Katie sends her profuse apologies to Dr Pamela Connolly, with whom she was to appear, the MGEITF organisers and the Media Guardian."
Festival organisers are now planning to line up "a surprise replacement" for Price.
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