Informa/UBM merger means another change of ownership for Scrip?
News of a potential merger with United Business Media sent publishing and conference organizer Informa's shares rocketing13.3% to 437.5 pence on June 9, especially as market watchers saw the potential for other bidders coming to the fore such as Apax Partners, Cinven and Candover, whose 630 pence-a-share offer Informa rejected last year.
However, private equity investors might be somewhat deterred in the current difficult credit climate, not helped by the fact that Informa's debt already amounted to 4.3 times earnings before interest, tax, depreciation and amortization.
Moreover, any deal would mean yet another change of ownership for its Scrip World Pharmaceutical News, which Informa acquired around three years ago through its acquisition of PJB Publications for some L150.0 million ($296.5 million).
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