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Nov27
Who says money can't buy everything?
Very rarely do you get plain speaking at the higher management levels of most big companies. Seems to me like everyone talks like a Power Point presentation when plain English would work very well, thank you. That’s why I had to laugh when I read in the London Times about Private equity group Apax Partners planning a bid for PR Newswire, the press-release distribution business of United Business Media. Apparently, Apax has spent the past few weeks preparing a 500 million pounds approach for PRN the paper said in an unsourced report. But the best bit came when I read that when asked about the offer, Andy Crow, PRN’s deputy chief financial officer said, "We have said for all our businesses, there are no sacred cows. If someone wants to come and write a massive check then there you are." Well OK, Andy.  Everything has its price, you just need a check big enough to write it on!

 

 lady-with-big-check-1.jpg

That should do nicely!

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1 Comments/Trackbacks




What's really intriguing is that Apax is a Private Equity company known for helping management teams buy themselves out, suggesting this may not be much of a surprise acquisition to Mr. Crow.

UBD has two quite different businesses in CMP and PRN, so this "divestiture" probably makes sense both for the shareholders and the brands. PRN is facing more significant competition between free news release services at the low end, and Berkshire's investment in BusinessWire and the DJ investments in Factiva on the high end.

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