Upside key as Springer lost to LBO
Bankers and institutional investors working on a potential €3bn float of Springer Science+Business Media were left ruing a late, improved bid from private equity house BC Partners this week that scuppered IPO plans just ahead of the start of bookbuilding. Key to the revised bid was the way that BC offered an element of potential upside to the seller, EQT Partners.
EQT had said late last week that it was focusing exclusively on the IPO process and abandoning the dual track after bids fell short.
But it still has a fiduciary duty to its own investors and couldn’t pass up a better offer when it came this week, reported
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