Bidders for Emap due to show their cards: sources
LONDON (Reuters) - Bidders for Emap's EMA.L businesses are set to reveal their cards when they submit binding offers for the company's radio, consumer and business-to-business titles early this week, people familiar with the matter said on Monday.
Citigroup (C.N) and Lazard (LAZ.N), who are running the sale, are taking bids on Monday for the magazine, radio and publishing assets of Emap, said the people, adding that bidders are likely to get an extra day or two to make offers should they need them.
The media group has around 50 consumer and specialist consumer magazines, more than 40 radio stations, several digital TV channels and organizes more than 400 business-to-business events internationally.
Three groups of buyout firms are expected to bid for the company's business-to-business magazine titles, which are worth between 1 billion pounds ($2.06 billion) and 1.5 billion pounds, the people said.
They are Apax and Guardian Media Group, Permira PERM.UL and Providence, and Candover (CDI.L) and Cinven CINV.UL. Reed Elsevier is also expected to bid but is unlikely to push too hard for the business, said the sources.
Sources familiar with the situation told Reuters buyout group Veronis Suhler Stevenson and Vitruvian Partners, backed by former Chrysalis Radio (CHS.L) Chief Executive Phil Riley, were each in the running for Emap's radio assets.
U.S. publisher Hearst Corp and private equity group Exponent are expected to be among bidders for Emap's consumer magazine assets, said one of the sources.
Emap's Executive Chairman Alun Cathcart said last month that the group's potential break-up remains "bang on target" with the board encouraged by the interest in all parts of the business.
Emap Chief Executive Tom Moloney quit suddenly in mid-May, fuelling speculation the company would become a bid target.
Two months later, Emap said it had received approaches, prompting it to consider a sale, demerger or break-up.
Emap, Guardian Media, Apax, Cinven, Reed Elsevier and Permira declined to comment.
(Additional reporting by Kate Holton and Gavin Haycock; editing by Sue Thomas)
