Informa has a large presence in yacht exhibitions among other sectors
17 January, 2018, 17:26
Britain's Informa (INF.L) is in talks about a deal to buy events organiser UBM (UBM.L) for more than 3 billion pounds ($4.14 billion), rekindling plans from nearly a decade ago to create a major business media and conventions group.
The UBM Plc (LON:UBM) (UBM.L) share price has surged around 13% higher today after it became the subject of a bid from sector peer Informa PLC (LON:INF) (INF.L).
Under the cash-and-shares agreement, UBM shareholders would receive 1.083 Informa shares for each of their shares, ...
The deal, which comes nearly a decade after UBM tried to buy Informa, will give it greater scale and specialisation in events, the fastest growing part of its business, Informa said.
The proposed combined group will be owned 65.5% by Informa shareholders and 34.5% by UBM shareholders.
In early trading this morning, shares in Informa fell more than 7 per cent, losing 54p to 693½p, while UBM jumped nearly 15 per cent, up 115½p at 902p. At that price, its offer is worth 893 pence per UBM share. As mentioned, size and scale as well as specialisation could provide the combined entity with a competitive advantage in what remains a relatively competitive industry.
According to Informa, the B2B market is continuing to move towards operating scale and industry specialisation.
Informa expects to deliver more than 3% underlying revenue growth in respected of 2017 financial year, including continued strong growth in global exhibitions and improved growth in academic publishing, business intelligence and knowledge and networking.
Carter, who will be chief executive of the new group, said the fit was better than in 2008 when UBM tried to buy Informa.
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