The talks were understood to have got under way in March for the sale of the group, which includes magazines such as Investors Chronicle, Financial Adviser, The Banker, Investment Adviser and Pensions Week and is valued at as much as £75m.
Hill stepped down from his position in February to lead the management team after it was announced that Pearson was to sell the magazines. His bid was thought to have been backed by private equity group Permira, formerly Schroder Ventures Europe.
According to the FT, Emap, Incisive Media and Informa Group, the Daily Mail & General Trust and two trade publishers, one Australian, are thought to be in the running now the field has opened up.
Pearson is being advised by investment bank Lazards, which is reported to be looking to achieve a price of up to three times sales. The FT Business group made operating profits of £4m in the year to December 31, down from £7m in the previous year.
Last year, Pearson completed a programme that saw the company sell off its non-financial titles, concluding with the sale of FT Energy to Platts in September.
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