Informa Breaks Off Talks With Germany's Springer Science
By Marietta Cauchi, Of DOW JONES NEWSWIRES
LONDON -(Dow Jones)- U.K.-based publisher and events organizer Informa PLC (
INF.LN) said Tuesday it has broken off talks regarding a potential acquisition
of Germany's Springer Science and Business Media.
"Whilst there is clear strategic logic in combining Springer and Informa, the
board has concluded after detailed consideration that the current environment is
not conducive to making such a significant acquisition in the timescale required
by the vendors," Informa said.
Earlier this year Candover and Cinven Group Ltd., joint owners of Springer
Science, hired UBS AG (UBS) and Goldman Sachs (GS) to raise some EUR500 million
by selling a stake in the company as a way to cut the company's heavy debt of
around EUR3.1 billion. Talks dragged on for several months with various
interested parties but with no result and the company's owners considered
putting the whole company on the block.
Just one week ago Informa, which publishes maritime newspaper Lloyd's List and
Routledge academic books, confirmed that it was in talks about buying the
company.
In its statement Tuesday Informa said that its trading remains in line with
management expectations for the full year.
At 1645 GMT shares in Informa were up 10.4%, or 29 pence, at 306 pence,
compared with 2.21% rise in the broader London market. Informa shares have
risen 87% over the last year.
Company Web site: www.informa.com
-By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; marietta.cauchi@
dowjones.com
(END) Dow Jones Newswires
12-01-091212ET
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