UK’s Incisive Media To Be Bought By Apax For $375 million; Some Shareholders Unhappy

London-based financial trade media firm Incisive Media (IM), which earlier this year bought ClickZ and SES from Jupitermedia, is in the process of being sold to PE firm Apax Partners, for about $375 million ($199 million pounds) in cash. Apax said it was paying 195 pence for each IM share, a premium of around 13 percent to Wednesday’s close of 173p, and a multiple of around 23.6 times IM’s EPS before exceptionals and amortization for 2005.
IM is a London-based business information provider with interests in seven markets, including retail investment, insurance, financial risk management, mortgage, capital markets/financial IT, private equity and photographics.
This is not a done deal…just a recommended one. Already, its largest shareholder Standard Life, which owns 11.5%, and Scottish Widows, holder of over 9% of the financial publisher, questioned the terms of the deal. Other possible biders if they come in could include Emap or UBM.
Incisive also reported a 22 percent rise in adjusted pretax profit to 5.31 million pounds for the six months to June 30, on revenue up 37 percent at 32.97 million.
AFX: Apax Summer is a bid vehicle by Apax for the deal, and IM CEO Tim Weller, COO office James Hanbury and finance director Jamie Campbell-Harris will take an 11.9 percent stake in Apax Summer. Other Incisive Media employees will also have the opportunity to invest in Apax Summer.

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