The board of Informa on Thursday rejected its second offer in two years, turning down a 450p approach from a private equity consortium led by Providence Equity Partners, saying the price “significantly undervalued” the business information group that publishes Lloyd’s List. The consortium, originally made up of Providence and Carlyle Group – and later joined by Blackstone – first approached Informa early July with a 506p a share indicative proposal valuing the deal at £3.4bn. But market turmoil  forced it to cut the offer by almost 10%. Peter Rigby, chief executive of Informa, said the offer, tabled Thursday morning, was promptly rejected following soundings from larger shareholders. Shares in Informa closed down 8% at 414½p on fears that a deal seemed increasingly unlikely.

This entry was posted by Gwen Robinson on Friday, September 5th, 2008 at 5:29 and is filed under Capital markets, M&A, Private equity. Tagged with blackstone, carlyle, informa, providence. Edit this entry.