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Springer Science CEO says sale preferred option

Wed Oct 14, 2009 8:08am EDT

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FRANKFURT, Oct 14 (Reuters) - Private equity owners of Springer Science and Business Media, who have been trying to sell a minority stake in the German academic publisher, are considering a straight sale, the company's chief executive said.

"For a while we were considered underleveraged, now we are considered overleveraged...a straight sale is the preferred option," Derk Hannk told Reuters on the sidelines of the Frankfurt Book Fair on Wednesday.

"We are owned by private equity and they have had a very good run for their investment for 5, 6 years," Hannk said, adding it may be time for new equity.

Owners Candover (CDI.L) and Cinven [CINV.UL] have been looking for up to 500 million euros ($745.2 million) for the sale of a minority stake in the business but initial bids fell short of their expectations.

(Reporting by Nicola Leske)



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