Emap has asked potential bidders interested in its business-to-business magazines division to consider buying the company’s PLC structure as well, on the understanding that all its other constitutent parts will be sold.
In an announcement this morning, the company urged bidders to consider a bid for the company framework – Emap plc – as a more efficient way of helping the disposal process and enabling the return of cash to shareholders.
The group effectively put itself up for sale in July, announcing a strategic review after a number of unsolicited proposals following the abrupt departure of chief executive Tom Moloney in May.
Emap said this morning that the review, which could lead to the sale or demerger of all its constituent parts, “remains on track”.
“The board continues to be encouraged by progress, with good interest in all parts of the group from both trade and private equity,” the company said today.
The company said it had not yet received any approach to acquire the entire company – which encompasses consumer magazines, B2Bs, television, radio and online.
“The review continues to examine all options, including the potential sale or demerger of some or all of the constituent parts of the group,” Emap said.
Emap’s B2B division – home to trade titles including Retail Week and Broadcast – is widely considered to be the jewel in the company’s crown, valued by analysts at around £1.2bn.
It is understood to have attracted interested from private equity firm Apax Partners, United Business Media and Informa.
The consumer magazine division – including FHM and Heat – is valued at around £700m.
Emap’s radio assets – including Kiss, Magic and Kerrang! – come with a £400m to £450m price tag.
The company is due to announce its half-year results at 7am next Tuesday.
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