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Euromoney Institutional Investor PLC on Monday confirmed a weekend report by the Daily Mail newspaper that two private equity firms were considering a bid for the FTSE 250-listed media and events group.
Euromoney confirmed it received an approach from a consortium of Luxembourg-based private equity firm Astorg Asset Management Sarl and London-based private equity firm Epiris LLP regarding a possible cash offer for Euromoney of 1,461.00 pence per Euromoney share, valuing the London-based financial information publisher and events organiser at £1.6 billion.
Euromoney Institutional Investor shares were 27% higher at 1,385.05 pence each in London on Monday morning, the best performer in the FTSE 250.
The latest offer represents a 34% premium to Friday's closing share price of 1,094.00p. Euromoney said the proposal follows earlier approaches from the consortium to the board regarding a possible all cash offer for Euromoney at 1,175p, 1,250p, 1,310p and 1,350p per Euromoney share.
The company added that the proposal ‘will not be adjusted for the payment of the interim dividend of 6.1 pence per Euromoney share which was announced on May 19, 2022 and will be paid on June 24, 2022.’
‘The board is engaged in discussions with the consortium regarding the proposal. There can be no certainty that an offer will be made nor as to the terms on which any offer might be made,’ Euromoney said.
The Daily Mail is owned by Euromoney's former largest shareholder, Daily Mail & General Trust.
The consortium has until July 18 to make an official takeover offer for Euromoney or announce that it does not intend to buy Euromoney.
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