EMAP confirms $1.2 billion deal for U.S. magazine publisher Petersen

Article Abstract:

EMAP Plc confirmed that is has agreed to pay $1.2 billion for Petersen Cos., the U.S. publisher of more that 120 magazine titles. EMAP, which is Britain's largest specialty magazine publisher, will also absorb $300 million in existing Petersen debt. EMAP will finance the deal through a new bank facility of #845.7 million ($1.43 billion). It also launched a one-for-five rights issue of 42 million new shares to existing shareholders in order to raise #359 million.

United States, Asset sales & divestitures, Acquisitions & mergers, EMAP Petersen Inc.

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Italy's Class Editori sets a price of $2.49 for shares in offering

Article Abstract:

Class Editori SpA has priced each of its shares 4,150 lire ($2.49) for its initial public offering. This will come out to approximately 40% of the company's post-offering shares. Editori is attempting to raise 161 billion lire ($96.5 million) from the IPO. The money would be raised for the firm, and for Paolo Panerai, the company's majority owner and CEO, as well as for Mr. Panerai's associates.

Comment:

Prices each of its shares 4,150 lire ($2.49) for its initial public offering

Italy, Organizational history, Abstract, Securities, Class Editori S.p.A.

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Emap warns of drop in first-half results

Article Abstract:

Emap PLC cautioned that it would post lower results for the 2001 first-half. The company is expecting lower results for the period because of the sale of its businesses in the United States.

United Kingdom, Sales, profits & dividends, Forecasts and trends

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