Forbes considers SPAC, and investor bid for $700 million
Forbes Media is in talks to go public through a merger with a special purpose acquisition company as it attracts acquisition interest, including an offer for $700 million, according to a Reuters report.
Joshua Franklin, Echo Wang and Krystal Hu of Reuters report, “Forbes’ owner is also fielding offers from bidders including investment vehicle Borderless Services Inc, which has bid $700 million, and from a consortium led by tech investor Michael Moe, the sources said. Both of these bids would result in Forbes remaining a privately held company.
“A deal could result in Forbes’ ownership changing hands seven years after Hong Kong-based investor group Integrated Whale Media Investments purchased 95% of the company. The remainder of Forbes is owned by the Forbes family.
“A proposed deal with a SPAC would take Forbes public on the U.S. stock market, enabling the existing owners to benefit from any share price increase on their remaining stakes.”
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