UK-listed academic and professional publisher and events organiser Informa has announced that it rejects a final proposal takeover offer by Springer Science + Business Media, the German academic publisher controlled by the buyout outfits Cinven and Candover. Springer S+B’s cash offer of 630p per share translated to a consideration of £2.7bn (US$5.1bn) and an enterprise value of £3.4bn.
Informa’s board argued that the Springer S+B offer significantly undervalued Informa and its future prospects. It said it therefore terminated discussions with Springer S+B. Some analysts had expected Informa to reject an offer below 650p per share.
Meanwhile, Informa shares traded 1.7% higher near a twelve month high of £5.51 per share in intraday trading on November 3, translating to a market capitalisation of £2.3bn and an enterprise value of about £3bn.
Informa’s high free float of 79% means that the decision will lie with a multitude of parties including Legal & General and F & C.