Private equity firms withdraw Informa takeover bid
Group of private equity companies on Friday withdrew their offer for Informa PLC.
By Agencies |
LONDON: A group of private equity companies on Friday withdrew their offer for Informa PLC, the London-based publisher of Lloyd's List maritime newspaper.
``Following the board of Informa's rejection of the consortium's proposed offer, the consortium has decided to withdraw its proposal,'' Providence Equity Partners Ltd, The Carlyle Group and the Blackstone Group said in a joint regulatory statement released to the London Stock Exchange.
Informa turned down the private equity consortium's offer of 1.9 bn pounds (US$3.4 bn) on Sept 4, saying that it significantly undervalued the company.
The offer would have represented a premium of 32 per cent to Informa's closing share price on Thursday.
The private equity consortium originally offered 2.15 bn pounds in June, but reduced its offer after Blackstone replaced Hellman & Friedman LLC in the bidding group.
Informa owns more than 2,000 trade publications, arranges around 10,000 business conferences each year and has a presence in some 40 countries.
An earlier takeover attempt by United Business Media ground to a halt in June.
Informa shares fell 8 per cent to 315 pence (US$5.66) in early London trading on Friday.
``Following the board of Informa's rejection of the consortium's proposed offer, the consortium has decided to withdraw its proposal,'' Providence Equity Partners Ltd, The Carlyle Group and the Blackstone Group said in a joint regulatory statement released to the London Stock Exchange.
Informa turned down the private equity consortium's offer of 1.9 bn pounds (US$3.4 bn) on Sept 4, saying that it significantly undervalued the company.
The offer would have represented a premium of 32 per cent to Informa's closing share price on Thursday.
The private equity consortium originally offered 2.15 bn pounds in June, but reduced its offer after Blackstone replaced Hellman & Friedman LLC in the bidding group.
Informa owns more than 2,000 trade publications, arranges around 10,000 business conferences each year and has a presence in some 40 countries.
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An earlier takeover attempt by United Business Media ground to a halt in June.
Informa shares fell 8 per cent to 315 pence (US$5.66) in early London trading on Friday.
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