Metal Bulletin sold to Euromoney institutional investor.Euromoney Institutional Investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. (EII (Enterprise Information Integration) Similar to an EIS (executive information system), an EII aggregates current information from all data sources within an organization. ; London/New York) has agreed to purchase Metal Bulletin plc 'Metal Bulletin Ltd is a specialist international publisher and information provider for business to business markets. History Metal Bulletin Ltd takes its name from its principal title - "Metal Bulletin", which was first introduced in 1913. . (London/Pittsburgh, PA) for 400 pence pence n. Chiefly British A plural of penny. pence Noun a plural of penny USAGE: Since the decimalization of British currency and the introduction of the abbreviation p, per share, or 221 million [pounds sterling], over-turning a previous agreed merger between Metal Bulletin and business publisher Wilmington Group (London). Under terms of that deal, Wilmington shareholders would have received two Metal Bulletin shares for every three Wilmington shares held. The Daily Mail & General Trust (London), which has a 70% stake in EII, said it will vote in favor of the deal. Metal Bulletin is a trading, metals pricing, information, news and communication company targeting the global metals industry. The company produces two subscription magazines, including "Metal Bulletin," a weekly with daily e-mail alerts, and "Metal Bulletin Monthly," as well as newsletters, directories, databases, and conferences and exhibitions for the iron and steel, non-ferrous, cobalt Cobalt, town, Canada Cobalt (kō`bôlt), town (1991 pop. 1,470), E Ont., Canada, NE of Sudbury, near Lake Timiskaming. Once a center for cobalt and silver mining, the area is now economically depressed. , plastics, scrap and secondary metals markets, including Metal Bulletin/AMM Marketwatch, MetalBulletin.com, Metal Bulletin Research and related books. The offer from EII represents a premium of 32.7% to metal Bulletin's share price of 301.5 pence at the close of business on July 14, the last day prior to EII's original offer and is about four times Metal Bulletin's 2005 revenue of $103.7 million and 15 times the company's 2005 EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become of $27.5 million. EII said that cost savings would be "substantially better" than the 1.5 million [pounds sterling] identified in the proposed merger between Metal Bulletin and Wilmington. EII said the purchase is consistent with its growth strategy to acquire subscription-based information products that reduce dependence on advertising and further the company's "critical mass" in non-financial information products. Related EII products include ISI/CEIC, CoalTrans, Euromoney Energy and related events. |
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