The stock is trading at $3.62, which is miles off the $5 per share that both bidders had offered. Not surprisingly, plenty of investors have questioned if the New Yorker is still working to firm up its non-binding indicative bid from March – or if it is about to walk out with an excuse such as “macro uncertainty” that Bain Capital cited in its parting note.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
