The first shoe was Alan Mecklers [webmasterworld.com], and the second is Danny Sullivans. I guess it makes sense now why Danny wanted out [daggle.com] while the getting out was good and possible. It also makes good sense why Incisive couldn't offer any stake while selling the company.
Apax Partners yesterday swooped on Incisive Media, backing a £199m management buyout of the publisher of business titles including Legal Week and Investment Week. While the offer has received the backing of the company's independent directors, major shareholders are calling for a better price.
Apax, which had an initial approach in August rebuffed as too low, pitched its offer at 195p per share. That is a mere 13% premium to Wednesday's closing share price and chairman Mike Masters yesterday admitted it could flush out other bidders. "There could be other offers coming in, [but] at least we have a starting price."
The bid, which could make multi-millionaires of Incisive's chief executive and founder, Tim Weller, and his team, has gained the support of the media firm's second largest shareholder, Caledonia Investments, which holds under 10%. But Incisive's largest shareholder, Standard Life Investments - with 12% - yesterday characterised 195p a share as "a low-ball bid".
Tim Weller's stake in Incisive Media, the business-to-business publisher he started in 1995, is worth some £11m under a deal announced yesterday to sell the company to the private equity firm Apax Partners for £199m.