Reed Business Information, the B2B magazine unit of Reed Elsevier (NYSE: RUK), is moving closer to sale, as the bidding enters the second round, after about 12 bidders in its first round. UBS, the bank for RBI, has invited McGraw-Hill (NYSE: MHP), the parent of BusinessWeek, and PE firm Bain Capital, among others, to continue. The first round valued the company between $1.87 billion and $2.33 billion, reports WSJ...most of the offers were bunched around the mark, so most of the first round bidders will continue into the second. Other bidders include Providence Equity Partners, Apollo Management

For McGraw-Hill, it has submitted a joint bid with PE firms firms Advent and Quadrangle, TPG and DLJ Merchant Banking together, and Cinven and Candover, also together. Meanwhile, interestingly, Nielsen, which owns Billboard and The Hollywood Reporter, has also shown interest in RBI, reports Telegraph, though not clear if it submitted a bid. This as rumors continue on its own business media unit being up for sale. Check our RBI section for the progress of the sale process.