Debt-ridden Quarto Publishing turned down a buyout offer from US investor and former hedge fund executive Richard Hurowitz multiple times last year, rejecting his proposals in early October and again in mid-November, the FT reported. Hurowitz offered 100 pence a share, or approximately £20.5 million, and was advised by investment bank Greenhill. Though desperate for…
Finance
Springer Nature Hires Bankers For Another Try at An IPO
After pulling their IPO on the Frankfurt Stock Exchange at the last minute in 2018 on weak demand, Springer Nature’s owners are determined to try again, hoping that capital markets remain strong long enough for them to get to the finish line this time. Co-owners BC Partners and Holtzbrinck are reported to be working with…
Quarto Needs More Money: Lau Will Take Control In $18.2 Million Equity Raise with Help from Italy’s Giuntis
With $54 million in bank debt and another $13 million short-term loan from major shareholders that’s due in August, Quarto Group needs far more money than it can generate or access. In order to extend their loan for another year, to mid-2021, they need to raise money now or face severe consequences. The latest solution…
LSC to Close Three More Plants
With Wall Street viewing printer LSC Communications as a zombie, trading at a market cap of about $7 million, the company announced that they are closing three more magazine and catalog printing plants. The closures are positioned as positive and decisive measures that “will strengthen the Company’s manufacturing platform by significantly reducing costs and improving…
French Trade Magazine Plans Big Layoffs
France’s book publishing trade magazine Livres Hebdo announced on December 30 a reorganization that if enacted would eliminate half of their editorial staff (seven out of fourteen people, including four of six editors), according to an online petition launched two days ago. That proposal would be finalized in February. The company says it plans to…
Bookselling: Bankrupt Book People Fires More People; Book Culture Landlord Supports A Bookstore — with A Different Operator
Insolvent UK retailer The Book People has been unable to find a buyer for the business, and another 82 people at their main warehouse were fired last Friday as a result. Since going to bankruptcy administration, the company has let go over 150 people from a staff of just under 400 — meaning more jobs…