Private equity groups Astorg and Epiris have approached FTSE 250-listed financial publisher Euromoney Institutional Investor with a proposed £1.6bn takeover.
The “possible cash offer” of £14.61 per share is the duo’s fifth approach to taking the company private, with four previous offers of £11.75 to £13.50 per share, Euromoney said in a statement on Monday .
Euromoney said its board was in talks with the takeover groups, but added that “there can be no certainty that an offer will be made or on the terms on which an offer might be made”.
The offer is above Euromoney’s share price of £10.88 and values the company’s equity at around £1.6 billion. Epiris declined to comment, and Astorg did not immediately respond to a request for comment.
The British company, which owns the financial magazine Euromoney and organizes exhibitions, has planned a wave of acquisitions after growing demand for its data services helped it recover from a slump in events during the Covid pandemic -19.
Its chief financial officer, Wendy Pallot, said in October that she had “a lot of firepower” for transactions.
Euromoney shares fell at the start of the pandemic and have not returned to pre-Covid levels, although they are up almost 16% since the start of the year.
Private equity groups, many of which are sitting on large pools of committed capital ready to be deployed, are increasingly looking to the UK stock market for bargains.
Under UK takeover rules, Astorg and Epiris have until July 18 to make a firm offer or walk away.