B2B magazine publisher Incisive Media is reportedly close to sealing a debt-for-equity swap led by the company’s management. Media Week reports that the Computing publisher’s management, led by global CEO Tim Weller, are set to buy an intial 10 percent stake, potentially rising to 24 percent. The company is currently 59 percent owned by PE firm Apax Partners and other shareholders include Ingenious Media and Caledonia Investors.
The company also reveals that Incisive’s lenders, led by Royal Bank of Scotland, turned down a takeover bid from AIM-listed media investment firm Critical Information Group last week, which was joined by Peter Bazalgette as a non-executive director in June. Incisive’s UK and Asia CEO James Hanbury says that was a “sign of the banks’ confidence that they know we’ve got a good business and strong management”. He doesn’t expand on the debt-for-equity deal, saying only that “there is a deal being worked on at the moment.” Incisive breached one of its banking covenants in February, it has been closing magazines and in March it asked staff to take one week’s unpaid leave.