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Frank Prenesti Sharecast News
24 Jul, 2024 07:29 24 Jul, 2024 15:57

Ascential shares soar after £1.2bn bid from Informa

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Ascential

567.00p

17:15 08/10/24
0.00%
0.00p

Publishing and exhibitions group Informa on Wednesday said it was buying rival Ascential in an agreed £1.2bn deal.

FTSE 100

8,121.01

17:08 30/12/24
n/a
n/a

FTSE 250

20,404.55

17:14 30/12/24
n/a
n/a

FTSE 350

4,479.42

17:14 30/12/24
n/a
n/a

FTSE All-Share

4,437.14

16:55 30/12/24
n/a
n/a

Informa

790.00p

16:44 30/12/24
-1.18%
-9.40p

Media

12,760.90

17:14 30/12/24
-0.78%
-100.22

The 568p-a-share offer price represented a 53% premium to Ascential's closing price of 22 July, Informa said on Wednesday.

Shares in Ascential, which owns the famous Cannes Lions Festival - known as the 'Oscars of advertising' - surged to 564 pence in early deals, a jump of 26%.

Informa said the acquisition would lift adjusted earnings per share by at least 5% in the first full year, based on strong revenue growth along with £12m in cost savings.

It also released first-half results, with underlying operating profit growth of 18.8%, while revenue grew 11%. Annual adjusted operating profit was now tipped to be above the top of current guidance of £970m with upper estimates of £1bn.

Reporting by Frank Prenesti for Sharecast.com

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