Incisive Media to bid £40m for Risk Waters
LONDON – Investment Week and Bloomberg Money publisher Incisive Media is set to bid as much as £40m for business publisher Risk Waters, which lost 81 staff and conference delegates in the September 11 terrorist attacks.
The reverse takeover would see the smaller Incisive, valued at £24m, almost double in size if it is successful in taking over the publisher of Energy Risk, Emerging Markets Investor, Credit and The Journal of Risk.
It is the second major acquisition attempt Incisive has made this year. In the spring, it was one of a number of companies including Informa Group, Daily Telegraph publisher Hollinger Group, Emap and Daily Mail & General Trust in the race to buy the FT Group of magazines before Pearson called the sale off.
Incisive shares were suspended last week when it said it was in talks to buy another company -– now revealed to be Risk Waters.
Risk Waters grew out of just one magazine, Risk, founded by the present chairman and chief executive Peter Field in 1987. He set up his own company to run the magazine in 1988, the precursor of Risk Waters.
It launched a further two magazines in 1994, Energy & Power Risk Management and Emerging Markets Investor, and launched Credit and Operational Risk magazines in 2000.
As well as its magazines, it has a daily web-based news service RiskNews.net, which became a subscription product in June 2002, and a conference and courses business.
It was the conference division that was caught up in the attacks on the World Trade Center. The company had been hosting a conference on the 106th floor of the north tower. Risk lost 16 staff and, like so many companies, Risk has since set up a fund to help families who lost loved ones.
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