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Friday, December 09, 2005

Ok...Advanstar Not For Sale Anymore 

DLJ Pulls Advanstar Off Block

Folio: reports that DLJ Merchant Banking Partners has pulled Advanstar off the market.

Grab: “It is pretty obvious that the seller had expectations that were not sustainable from what the market wanted to pay,” said Bob Krakoff.

UPDATE: Another take on the story, from BtoBOnline, can be found here.

Weird grab: Advanstar has also been a buyer in this robust year for M&A activity, strengthening its core properties in the fashion, life sciences and power sports markets. For example, in August it acquired for an undisclosed sum Project Trade Show, a series of fashion trade events. Separately, Advanstar acquired POOL, a 4-year-old fashion trade show for boutique-oriented products.

Undisclosed sum? See page 7 of Advanstar's most recent 10-Q. The Project Trade Show was acquired for $9.9 million in cash, with potential earnout payments. The Pool Trade show was acquired for $3 million in cash, with potential earnout payments. The details of a few other acquisitions over the past year are also included, as are details of divestitures on page 8.

Sloppy reporting, boys.

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