Financial news and information business Euromoney Institutional Investor Plc is discussing a $1.96 billion takeover offer from a private equity consortium, reports Thomas Seal of Bloomberg News.
Seal reports, “The current offer represents a premium of 33.6% compared to its Friday market value, according to Bloomberg calculations. Euromoney’s share price peaked at £14.98 in Sept. 2019 prior to the pandemic shutting down the global events business.
“Euromoney’s shares rose as much as 29% to £14.12 in early trading in London, Monday, the biggest intraday move in over 20 years.
“London-based Euromoney sells subscriptions to financial professionals and also runs events, a business line which rivals like Informa Plc are seeing bounce back as global pandemic restrictions lift. The Daily Mail group previously held a large stake before spinning it out in a shareholder distribution in 2019.”
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