Earlier in December, I noted the sale of Emap consumer publications to Bauer. At the time (mid December) Emap announced they would keep their business to business publications as presumably the offers were not high enough. It was always the intention of the Emap board to sell all the businesses completely if they could.
On Christmas Eve, it was announced by Emap and Apax that Apax and Guardian Media Group had presented Emap with an offer to buy the outstanding shares of Emap for just over £1billion. Apax/GMG already own b2b publisher Incisive Media and hope to merge the two businesses together to produce a £2.0billion publisher.
Despite the announcement there is some speculation that a rival bid may emerge and the Emap share price has traded above the 931p offer price. Apax/GMG have already purchases a 19& holding in Emap.