Euromoney confirms private equity buyout approach

Information provider and event organiser Euromoney had confirmed it has received a £1.6bn ($1.96bn) buyout proposal from private equity firms Luxembourg-based Astorg Asset Management Sarl and British firm Epiris.

The company is FTSE 250-listed and London City analysts have flagged a possible cash offer of £14.61 per share.

Euromoney stressed in a note to shareholders: “There can be no certainty that an offer will be made nor as to the terms on which any offer might be made”.

The prospective buyers are required to lodge a firm offer or withdraw by 18 July.

Euromoney’s share price peaked at £14.98 in September 2019 prior to the pandemic, but was around £14.06 in trading in London, as of 10am, 27 June.

City analysts have said other bidders could well come forward and have speculated that the group could even be broken up.

The Daily Mail Group previously held a large stake in Euromoney.

Epiris bought the magazine chain Time Inc UK in 2018 and renamed it TI Media, before flipping it to Future plc one year later.