EMAP USA Bids Expected Soon
A number of recent press reports suggest that the deadline for bids on the troubled EMAP USA business may be this week. So far, Hachette Filipacchi, Primedia and American Media have all been put in the frame as potential suitors of the business.
EMAP confirmed that it has received a number of approaches for the division in a trading statement at the end of last month, but added that it was still ‘considering all of its options’ (see EMAP Receives US Approaches, Cuts Digital Spend And Sees Year-End In Line With Expectations).
EMAP bought the business, then Petersen, at the very end of 1998 for £720 million. It is now likely that it will make a loss on any sale of EMAP USA, with ABN Amro valuing the group at around £359 million.
Stock in EMAP closed up 8p at 768p yesterday on the back of the reports, but had dropped back slightly to 766p by early afternoon today.
