3i Backs £75.4m Management Buy-In Of Adscene

Regional newspaper publisher, Adscene, has been sold to a management buy-in team and venture capital group, 3i, for £75.4 million. Denitz Media, a new company set up specifically to complete the buy-in, made a recommended offer of 263p per ordinary share and 115p for each preference share in Adscene. The ordinary share offer represents a 14.6% premium on Adscene’s closing price of 229˝p yesterday.

As part of the deal, Denitz Media has agreed to sell Adscene’s Midlands-based titles to Northcliffe Newspapers for £44.5 million. Adscene’s Midlands newspaper portfolio includes the free Walsall Advertiser which has a distribution of around 67,000 copies. Adscene also publishes newspapers in Kent, London and Lincolnshire.

In March this year, Adscene confirmed that it had received takeover interest, although it had not named any active parties (see Adscene Jumps On Takeover Approach). By 11:30 today Adscene’s share price had increased by 28p (12.2%) to 257˝p.

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Adscene: 01227 767 321