Informa and UBM rekindle merger talks to create £9bn trade show giant

I Want To Be Like You       UBM and Informa shares have trailed Relx in recent years              Source Bloomberg

Shareholders will receive 1.083 Informa shares for each UBM share and 163 pence in cash, valuing UBM at 964 pence a share, a 30 percent premium to the January 15, closing price, Informa said.

Informa tumbled almost 8 percent after the events and publishing company disclosed the terms of its offer for rival exhibitions group UBM.

Informa owns the Lloyds List shipping newspaper and runs around 200 exhibitions a year, including Arab Health and Agrishow, while UBM counts Black Hat computer security events and Game Developers Conference among its 300-strong portfolio.

'On a first pass basis we believe a combination of Informa and UBM would be well placed to capitalise on these dynamics and could be positive for both sets of shareholders if a deal is struck at an appropriate price and the subsequent integration process thoroughly executed. They have now detailed the "commercial and strategic rationale" for the proposed combination.

Conference Consensus       Informa's revenue and profit dwarf those of its rival UBM                     Consensus estimates for 2017
Conference Consensus Informa's revenue and profit dwarf those of its rival UBM Consensus estimates for 2017

"There can be no certainty that any firm offer will be made or as to the terms on which any offer might be made". Informa reserves the right to introduce other forms of consideration and / or vary the mix or composition of consideration of any offer. "This deadline may be extended with the consent of the Takeover Panel in accordance with Rule 2.6 (c) of the Code". Any combined group will likely have the worldwide reach, operational capabilities and cashflow to pursue major growth opportunities this creates.

Lord Carter, chief executive of Informa, told the Times: "It is clear that the B2B [business-to-business] market is moving to operating scale and industry specialisation".

Informa which is a global B2B events, business intelligence and academic publishing company, saw its share price fall -8.24% at 9:05 AM GMT.

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