Publisher Reed Elsevier PLC, UK, has surfaced as a surprise suitor for Emap PLC's business publishing division, according to media reports. Titles under the portfolio include Retail Week. Reed may be keen on acquiring some of Emap's business titles focused on electronics.
Reed has reportedly submitted a first-round bid for the whole of Emap's B2B publishing unit and has been given access to carry out due diligence. Last week, Emap had said in a statement that it received good interest in all parts of the group from both enterprises and private equity (PE) players. Reed's bid for the B2B division is seen to surprise PE firms, as some had been told by Emap's bankers that there were no trade buyers in the auction, the reports indicate.
Earlier this year, Emap put its B2B publishing, consumer magazines and radio divisions on the block after announcing a strategic restructuring of the group. Market observers do not expect a second-round offer from Reed, the reports say. Having made a first-round offer to gain access to Emap's books, Reed may eventually tie up with one of the PE firms to acquire individual titles.
United Business Media, which recently announced its plans to spend £150-250 million a year on acquisitions over the next two years, has ruled out a bid for Emap's B2B unit.
More News in this Theme
