Bonhill gets $6.6m offer for InvestmentNews

Bonhill said on Monday that it has received a non-binding $6.5m (£5.4m) cash offer for InvestmentNews from an unnamed US media buyer.

Subject to due diligence, it expects to sign a conditional agreement with the buyer next month.

Bonhill also said that due diligence on its UK and Asia businesses is "progressing well" and it expects to make a further announcement about this shortly. The company had already announced in December that it had received a conditional £6.6m cash offer for the businesses.

Still, Bonhill said there can be no certainty that any sale or other transaction will be concluded for either the UK and Asia businesses or InvestmentNews.

The B2B media business also confirmed on Monday that it is no longer in an "offer period" as it is not in talks about any potential offer relating to its share capital.

Bonhill said that since its update in December, certain clients have continued to delay the release of planned marketing spend. This equates to around £0.2m of revenues and £0.1m of EBITDA. As a result, it now expects FY2022 revenue of £13.6m and an EBITDA loss of £1.5m.