The share price of Informa, publisher of titles such as International Freight Weekly and Banking Technology, plunged by almost 3% this morning after the consortium of Providence Equity Partners, the Carlyle Group and the Blackstone Group said that it had withdrawn its £1.9bn offer, which was rejected by Informa last week.
However, the consortium said that it reserved the right to make or take part in another offer for the company within the next six months.
Informa said that it is not in talks with any third parties about another offer.
In a statement, Informa said: "The board recognises that recent events in the credit markets have made it highly challenging to fund any offer. Notwithstanding this, the board remains confident about the group's prospects for the full year and the company confirms that current trading is in line with the board's expectations."
The consortium had initially bid £2.15bn for Informa in June, but earlier this month it cut the offer from 506p per share to 450p per share. Informa rejected the offer because it undervalued the company and because the board said it had great potential under the current management team.
United Kingdom
Informa stays independent as bidding consortium withdraws offer
LONDON - Business-to-business publisher Informa is set to remain independent for the time being as the private equity consortium that had been trying to buy it withdrew its offer today.
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