Just a few days after Reed Elsevier (NYSE: RUK) named a new CEO, it’s already lost one bidder for its on-the-block Reed Business Information (RBI) publishing unit. US equity fund management Apollo Management has pulled out of the auction, Financial News reports, citing “a source close to the situation”. That’s despite the asking price dropping from a purported $2.3 billion (£1.46 billion) to a reported “below £1 billion”.
We reported, from our Future Of Business Media conference last month, that former WSJ publisher Gordon Crovitz was working with Apollo and Strauss Zelnick
Of course this deal is going to fall through. Who would buy this overpriced and underperforming dog…
Well it looks like this one is done according to the latest reports . . .