Bidders for Reed Elsevier's trade magazine arm, Reed Business Information (RBI), were allowed to re-bid for the unit, according to media reports. Not officially a second round, the re-bids were allowed as bidders felt that they were not provided sufficient information on the business in the first round.
Earlier this month, several bidders submitted first-round offers for RBI, Reed Elsevier's B2B division which publishes New Scientist, Farmers Weekly and Variety. The unit is valued at between £1billion and £1.25 billion.
According to sources, after being presented with more information, the newer bids came in 'slightly lower' than those in the first round. All bids were non-binding. Bidders will be presented with more information on the division in the next few days. A final round of offers is likely to be due in early October.
The sale of RBI began last month when information was sent to potential bidders. A number of private equity firms including US-based Quadrangle and Advent together with publisher McGraw Hill Cos Inc, Europe's Candover together with Cinven Ltd and Rhode Island-based Providence Equity Partners are vying for the assets. German publishing house Gruner + Jahr, publishing subsidiary of media group Bertelsmann, also confirmed last week that it was involved in the second round of bidding for the unit.
Reed is also believed to have received offers for just part of the business which is divided geographically into UK, European and US assets. However, it is not clear how many bidders bid for the entire unit.