Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.

BREAKING NEWS

BREAKING NEWS

Charterhouse makes £561 million cash bid for media firm Tarsus

Text size Aa Aa

By Pamela Barbaglia

LONDON (Reuters) - European private equity firm Charterhouse said on Friday it had made a cash bid for Tarsus valuing the London-listed media firm at about 561 million pounds.

The bid comes as private equity firms are increasingly seeking out listed companies in Europe in so-called take-private deals, where a public company is bought and delisted.

Based in Dublin, Tarsus Group has a market value of 383 million pounds and specialises in a wide range of business-to-business media activities including exhibitions and conferences.

Its focus on global exhibitions is seen as a major attraction for Charterhouse which said the sector has strong growth drivers, margins and cash generation.

Charterhouse's bid represents a premium of about 36.2% to the closing price of 312 pence for each Tarsus share on May 23.

The proposed offer, to be carried out via a scheme of arrangement, gives shareholders 425 pence in cash for each share they hold.

Tarsus shareholders will also be entitled to a final dividend of 7.7 pence for each Tarsus share for the year to December 31, 2018, if investors approve the pre-close dividend at the company's annual general meeting on June 19 2019.

Charterhouse said the terms of its bid implied a valuation of 668 million pounds including debt.

The offer represents a multiple of roughly 17 times the company's average earnings before interest, tax, depreciation and amortization (EBITDA) in the past two financial years.

Charterhouse is using an acquisition vehicle dubbed Tiger Acquisitions UK to carry out the transaction.

Tarsus operates globally across the United States, Europe and Asia and runs more than 160 events with a number of global brands including the Dubai Airshow, among others.

(Reporting by Pamela Barbaglia; editing by Jason Neely and Jane Merriman)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.