Friday, July 22, 2005
Primedia Sold? Not Yet (Updated)
Agreement to Buy Primedia Business?
UPDATE: Folio: has sent out a correction noting that no letter of intent has been executed. I still think the interesting grab, below, is interesting.
UPDATE TWO: I hear from a good source that there was some last minute interest in the company from a new bidder, which resulted in a very recent management presentation. But even given this, I've resolved in the future not to post acquisition news until confirmed within an inch of its life.
Folio:'s Tony Silber is reporting that a letter of intent has been agreed between a buyer and Primedia for $375 million, with Apprise Media the likely buyer.
Interesting Grab: The Primedia sale is being handled by Credit Suisse First Boston, the parent company of Advanstar owner of DLJ. CSFB is also handling the pending sale of Advanstar, a fact that raised some eyebrows in the M&A community.
Some sources questioned why the same company would bring two companies to market simultaneously. "There have been statements out there that they have been trying to market both [to the same buyer]," said one source.
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UPDATE: Folio: has sent out a correction noting that no letter of intent has been executed. I still think the interesting grab, below, is interesting.
UPDATE TWO: I hear from a good source that there was some last minute interest in the company from a new bidder, which resulted in a very recent management presentation. But even given this, I've resolved in the future not to post acquisition news until confirmed within an inch of its life.
Folio:'s Tony Silber is reporting that a letter of intent has been agreed between a buyer and Primedia for $375 million, with Apprise Media the likely buyer.
Interesting Grab: The Primedia sale is being handled by Credit Suisse First Boston, the parent company of Advanstar owner of DLJ. CSFB is also handling the pending sale of Advanstar, a fact that raised some eyebrows in the M&A community.
Some sources questioned why the same company would bring two companies to market simultaneously. "There have been statements out there that they have been trying to market both [to the same buyer]," said one source.
