Lagardere's magazines lure three bidders - report.
M2 EQUITYBITES-January 23, 2014-Lagardere's magazines lure three bidders - report
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23 January 2014 - Lagardere SCA (EPA:MMB) has been approached with bids from three parties targeting the magazines the French media company put up for sale last year, local daily Le Figaro said today, adding that firm offers are anticipated by 15 February.
In October, Lagardere unveiled plans to sell ten titles, including the Premiere film news publication and the Pariscope events listing magazine, in an effort to reorganise its press business by building it around the strongest brands.
According to Le Figaro, the ex-head of the Lagardere Active division, Didier Quillot, has made a proposal. The other two bidders are said to be Marc Laufer and Reworld Media SA's (EPA:MLREW) head Pascale Chevalier, who is backed by investment funds Truffle and Idinvest.
Lagardere is expected to receive a small amount for the titles as it will be funding departures under a French law that enables journalists to get compensations at resigning when their publication changes owner, the daily added.
The titles to be divested also include Auto Moto, Be, Campagne Decoration, Le Journal de la Maison, Maison & Travaux, Mon Jardin Ma Maison along with Psychologies Magazine and Union as well as their digital offshoots.
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