Private equity firm Apax Partners has agreed to buy Incisive Media for £199 million, through newly incorporated bidding company Apax Summer Limited.

Private equity firm Apax Partners has agreed to buy Incisive Media for £199 million, through newly incorporated bidding company Apax Summer Limited.

The cash offer values specialist business information provider Incisive at 195p per share and represents a 13 per cent premium to the closing price of 173p when the deal was made. Incisive chairman Mike Masters commented that he viewed this as a ‘fair price’ and ‘would be surprised to see a counter-offer’.

‘The cash offer fairly reflects the achievements and prospects of Incisive Media,’ adding that ‘we feel the next phase in the company’s development would be better realised as a well backed private company’, and that Apax is well positioned to support the business.

Stephen Grabiner, a partner at Apax said, ‘we have considerable experience in the media sector and it is clear our long term strategies are aligned’.

In addition, despite ‘slightly weaker trading than expected’ during the third quarter, the group remains positive that it can produce strong number for the full year. For the six months to June the company reported adjusted pre-tax profits of £5.31 million on revenues up 37 per cent to £32.97 million.

Incisive added that as a condition of Apax’s recommended proposal, no interim interim dividend will be declared, assuming it becomes effective by January 2007 following shareholder approval.