Apax Partners offers 195p/share for Incisive Media

09/22/06 - newratings.com

LONDON, September 22 (newratings.com) – Private equity firm Apax Partners Thursday offered to buy Incisive Media Plc (INM-GBX) in a deal that values the publishing company at £199 million.

Apax Partners, whose earlier takeover offer was rejected by Incisive Media as too low, has now offered to pay 195p for each share held in the publishing company. The offer price represents a 13% premium to Incisive Media’s closing share price on Wednesday. Standard Life, which is Incisive Media’s largest shareholder with a 12% stake, has termed Apax Partners’ offer as too low, according to business.guardian.co. The deal has, however, found favour with Caledonia Investments, which holds a 10% stake in Incisive Media.