Informa says no to revised cut-price bid September 5, 2008 Informa last night rejected a cut-price bid from a private equity consortium, led by Providence, slamming the 450p a share offer as “significantly undervaluing” the publisher. City A.M.’s exclusive revelation yesterday that the consortium had slashed its initial bid by more than 10 per cent to 450p a share caused a stir in the financial [...]
From Putin to Pitt: a fascinating glimpse into the mind of America September 4, 2008 Vanity Fair’s power list says a lot about the country that produced it, says Jeremy Hazlehurst You will, no doubt, remember that famous New Yorker magazine cover from the 70s that showed The World From Ninth Avenue. It shows Ninth Avenue in the foreground, 10th Avenue behind it, then the Hudson River. Behind this, in [...]
Providence slashes bid for Informa September 4, 2008 The private equity consortium is no longer prepared to pay as much for the UK firm Crumbling markets have led the private equity consortium circling Informa to slash its offer for the publisher, as another potential bidder dropped out of the race. The group led by Providence Equity Partners made an indicative offer of 506p [...]
Millionaire killed family before blaze September 3, 2008 Millionaire businessman Christopher Foster killed his wife and daughter before setting his country mansion alight and taking his own life, police said yesterday. They said were not seeking anyone else in their week-long investigation. The bodies of 50-year-old Foster and his wife were found in the charred ruins of the house on Friday, although Foster’s [...]
Gustav hits the coast of New Orleans September 2, 2008 The dreaded Hurricane Gustav ripped through the US Gulf coast last night, thrashing New Orleans with strong winds and heavy rain as it arrived, but sparing it the full force devastation caused by Hurricane Katrina three years ago. The National Hurricane Centre downgraded winds to a category two shortly before it hit. The Louisiana coastline [...]
Bodies of millionaire and wife are found September 1, 2008 Police investigating a fire at the home of millionaire businessman Christopher Foster have announced they are now treating it as a murder inquiry, following confirmation that the two bodies found there are those of Foster, 50, and his wife. A post-mortem examination has revealed that Jillian Foster, 49, from Osbaston House in Maesbrook, Shropshire, died [...]
Running an old media company isn’t much fun right now August 29, 2008 The outlook for most of the media is as bleak as the August weather. Everywhere you look this week profits seem to be tumbling as cost cuts and job losses accelerate. Johnston Press chief executive Tim Bowdler could see little cause for hope for 18 months at the very least as he unveiled an advertising [...]
ITV faces exit from FTSE 100 August 29, 2008 Mobile phone retailer Carphone Warehouse and broadcaster ITV are in danger of being ousted from the blue chip FTSE 100 at its next quarterly review. The two will join pub chain Enterprise Inns and Ukrainian iron ore producer Ferrexpo, which have both fallen below 111th position in the FTSE ranking, based on their market capitalisation, [...]
O’Brien attacks INM August 28, 2008 Denis O’Brien, a major shareholder in Independent News & Media (INM), has called on the group to “urgently” review the operations of its flagship titles The Independent and Belfast Telegraph after first-half profits tumbled. While the group grew its underlying revenues by three per cent in the six months to 30 June, adjusted earnings per [...]
TNS rebuffs WPP despite GfK walk out August 28, 2008 Market research company Taylor Nelson Sofre said it would continue to fight WPP’s hostile bid even after its preferred bidder GfK walked away from a takeover deal yesterday because it could not raise enough cash. German GfK had been trying to raise financing with private equity groups and wealth investors to launch a rival takeover [...]