Informa, parent company of the academic publisher Taylor & Francis group, have announced their rejection of Springer Science Business Media’s (SSBM) acquisition offer of 630 pence per share in recent takeover talks which according to FT.com today was because it "significantly undervalues Informa and its future prospects".
Springer, the scientific, technical and medical (STM) and business publishing group made the offer last month in an attempt to create a powerful organisation to rival the likes of market leader Reed Elsevier, the world’s principal STM publisher and would have been worth around £4bn. The takeover bid is believed to have been launched by Springer’s chief shareholders, the private equity groups Candover and Cinven who had confirmed they were working with UBS the investment bank with debt financing in place with Barclays Bank.
The initial bid raised eyebrows in the industry as it was expected Informa would move to take over Springer after making a number of acquisitions since 2005 – the largest being events company IIR Holdings for £784m paid in cash to its owner Lord Laidlaw, the Conservative Party Peer.
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