Euromoney gets £1.6b possible cash offer

EUROMONEY Institutional Investor said on Monday (Jun 20) it received a possible cash offer from a consortium, which could value the information services firm at around £1.6 billion (S$2.7 billion).

The consortium of Astorg Asset Management and Epiris LLP offered £14.61 per Euromoney share, the company said, adding that it was in engaged in discussions with the group.

The offer is a premium of about 34 per cent to Euromoney’s closing share price on Friday, based on Refinitiv data.

The London-based company, which houses brands like BCA Research, Ned Davis Research and Metal Bulletin, also said it had disclosed the offer without the prior agreement or approval of the consortium.

Euromoney added that the consortium had earlier made 4 separate cash offers to its board, ranging between £13.50 and £11.75 per Euromoney share.

The consortium now has until Jul 18 to either make a formal offer or walk away under UK Takeover Panel rules.

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FTSE-250 listed Euromoney was founded in 1969 by Patrick Sergeant, then City editor of the Daily Mail. Daily Mail & General Trust divested its 49.1 per cent stake in Euromoney in 2019. REUTERS