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August 21 – August 28, 2008 Edition
Vie for Reed
NEW YORK, NY/8/21/08–The second round of bidding was due this week for the sale of Reed Elsevier’s Reed Business Information division. As many as 12 bidders submitted offers in the first round, including one from US publishing giant McGraw-Hill, bidding in a joint offer with the private equity firms advent and Quadrangle. A number of other private equity firms placed bids as well, and Nielsen, which owns Billboard and Hollywood Reporter, also reportedly has an interest in acquiring all or part of the unit.
Reed Business, the company’s trade magazine unit, is valued at more than £1bn, and includes Variety, New Scientist, and Publishers Weekly.
The company’s bankers at UBS AG have invited bidders including Bain Capital LLC and McGraw-Hill Cos. to submit their second round of offers this week, sources have said.
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