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Monday, October 10, 2005

Advanstar's "$1 billion auction" 

BIDS APLENTY FOR ADVANSTAR, DESPITE CONCERNS

The New York Post, in the story linked above, characterizes the sale of Advanstar Communications as a "$1 billion auction." According to the Post, first round bids were received by Credit Suisse on Friday (October 9).

Among the bidders, says the Post: Bob Krakoff's Blantyre Partners, J.P. Morgan Partners (owner of Hanley-Wood), U.S. Equity Partners (owner of Primedia Business Media) and...Questex Media Group, which bought a chunk of Advanstar earlier this year.

Hmm. Not only would any of these outcomes be very interesting, but Questex's bid, if true, must qualify as one of the most expensive insurance bets in b2b M&A history.

By the way, the "concerns" mentioned in the Post story have to do with a supposed $20 million disagreement in Advanstar's true cashflow.

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