Apax edges away from £1.25bn Reed bid
Sunday 23 March 2008
Apax has cooled its interest in the £1.25bn auction for Reed Business Information (RBI), the publisher. Rivals United Business Media and Informa have already indicated that they are not interested in the auction.
Although Apax has met UBS, the investment bank advising RBI parent Reed Elsevier, it is understood that the private equity giant wants to digest its recent £1bn purchase of Emap's business-to-business arm.
Apax bought Emap Communications in partnership with Guardian Media Group, and plans to merge the publisher with its Incisive business when the debt markets recover. Emap also announced last week that it had poached David Gilbertson from rival Informa to become chief executive.
A source said: "I don't think we'll go for it. Do we really want to divert our management team at the moment?"
The source added that Reed's profitable exhibitions business has not been included in the sale, which would have been the unit of greatest interest to Apax and Guardian Media Group.
There are also competition issues over several of the titles.
- 1 If I were Prime Minister: I'd give tax cuts to the rich, keep Trident, and get my football team wrong
- 2 Top Gear: Jodie Kidd, Philip Glenister and Guy Martin 'in advanced talks' to join show
- 3 General Election 2015: 14-year-old boy asks Nick Clegg – 'can you kill Katie Hopkins?'
- 4 University student in court for allegedly covering housemates' food in window cleaner and spit
- 5 Garland shooting: Isis claims attack on Prophet Mohamed cartoon contest in Texas as its first action on US soil
In defence of liberal democracy
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
Andy McSmith's Sketch: Feisty audience is the real star of an enlightening show
iJobs Money & Business
£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...
£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...
£215 per day: Ashdown Group: Junior Project Manager (website, web application ...
£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...