UBM confirms Advanstar takeover talks

Events and PR group UBM responded to recent market rumours that it was plotting a $900m acquisition of US rival Advanstar from its private equity and hedge fund owners.

The FTSE 250 company naturally did not mention numbers but said: "UBM confirms that it is involved in discussions which may, or may not, lead to a transaction. A further announcement will be made in due course, if appropriate."

Advanstar's main business is running trade shows, focusing on the fashion, licensing, life sciences and sports industries, best known for putting on the biannual Magic fashion show in Las Vegas

Making around $95m in earnings before interest, taxes, depreciation and amortisation, the California-based company has a portfolio of 54 trade shows, 100 conferences, 30 publications, and almost 200 associated electronic products and websites.

In February this year UBM surprised the market when it poached chief executive Tim Cobbold from De La Rue,