Exclusive-Key bidders in Ascential break-up quit auction - sources
By Amy-Jo Crowley
LONDON (Reuters) -Three major bidders for the consumer data arm of UK business media group Ascential have walked away from the auction, people familiar with the situation said, putting a question mark over attempts to break up the 1 billion pound ($1.29 billion) group.
London-listed Ascential had intended to sell the business, known as WGSN, as part of a break-up plan announced in January, and began in April talking to potential bidders. The plan would also see Ascential spin off its Digital Commerce business and list it in New York.
But in recent weeks, three bidders walked away from the auction without making a formal offer, although there is still at least one potential buyer, the people said.
Apax Partners, one of Europe's biggest private equity firms, was the latest to exit the process, joining BC Partners and U.S. media group Hearst Communications in dropping its bid for the business, which provides data that helps brands understand consumer trends, three people familiar with the matter told Reuters.
Shares in Ascential fell as much as 3.9% to 221.4 pence on Thursday morning following Reuters' report.
Although the talks could yet be restarted, their exit deals a blow to the auction and highlights the tough environment for dealmaking.
Several people involved in the process had rated Apax as a likely buyer after it conducted extensive work on a bid and as a former owner of the company that is up for sale. Apax and Ascential declined to comment.
Apax stopped working on the deal before last week’s binding offer deadline because it thought the price being asked was too high, two of the people added.
Ascential’s board wanted more than 700 million pounds to return cash to shareholders and put money
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