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Informa Share Price Falls as New Bid is Rejected
Shares in UK information group Informa fell 6.6% today, as the firm rejected a reduced £1.9m takeover bid from a consortium of three private equity groups, saying that it significantly undervalues the firm.
In a statement to the London Stock Exchange, the Informa Board said it had declined the offer of 450 pence per share - an 11% discount on the 506 pence per share originally offered by the consortium, which valued the firm at £2.15bn.
The reduced offer, and subsequent rejection were announced after private equity firm Blackstone joined the consortium yesterday.
Former NOP owner United Business Media abandoned merger talks with Informa in June after it failed to agree the terms of a deal.
Explaining why his company had eliminated the latest bid, Informa CEO Peter Rigby stated: 'Interest in Informa has demonstrated the attractiveness of the company's business model, the quality of its assets and people.'
Chairman Derek Mapp added: 'Informa has attractive future prospects and is continuing to deliver growth across the business even in the face of a weaker economic environment. We have a first class management team to drive the business forward.'
Today, Informa's share price fell 27.25 pence to 387.25 pence.
Web site: www.informa.com .
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