Emap Reports French Magazines Bids 'At Top of Range'

23 May 2006

    LONDON - Indicative bids for Emap's stable of French magazines have reportedly come in at the top end the expected range, with the highest bid believed to exceed £440 million ($829.88m; €645.82m).
    The offer price betters analysts' expectations, which have ranged from £380m to £400m. Among the bidders are Bertelsmann's Gruner+Jahr and Italian groups Mondadori and RCS Media, plus a joint approach from US private equity firms Apax Partners and Carlyle Group.
    Those on the shortlist are now preparing for the next round of bidding on May 31.