The board of Euromoney Institutional Investor PLC confirmed today that Astorg Asset Management S.àr.l and Epiris LLP (the Consortium) approached it with a possible all-cash offer of £1.6bn at £14.61 per share.
This is the fifth time Euromoney has been approached by the two private equity firms, following possible all-cash offers of £11.75, £12.50, £13.10 and £13.50 per Euromoney share previously.
“The Board is engaged in discussions with the Consortium regarding the Proposal,” Euromoney said in a statement today. “There can be no certainty that an offer will be made nor as to the terms on which any offer might be made.”
The private equity firms have until 18 July 2022 to announce either a firm intention to make the offer for Euromoney or that it does not intend to make an offer. This deadline can be extended.
The payment of the interim dividend of 6.1 pence per Euromoney share, announced on 19 May 2022 and to be paid on 24 June 2022, will not lead to an adjustment in the offer.
The proposal is subject to due diligence.