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Ascential shares soar after £1.2bn bid from Informa
(Sharecast News) - Publishing and exhibitions group Informa on Wednesday said it was buying rival Ascential in an agreed £1.2bn deal. The 568p-a-share offer price represented a 53% premium to Ascential's closing price of 22 July, Informa said on Wednesday.
Shares in Ascential, which owns the famous Cannes Lions Festival - known as the 'Oscars of advertising' - surged to 564 pence in early deals, a jump of 26%.
Informa said the acquisition would lift adjusted earnings per share by at least 5% in the first full year, based on strong revenue growth along with £12m in cost savings.
It also released first-half results, with underlying operating profit growth of 18.8%, while revenue grew 11%. Annual adjusted operating profit was now tipped to be above the top of current guidance of £970m with upper estimates of £1bn.
Reporting by Frank Prenesti for Sharecast.com
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