Illuminating financial markets is bread and butter for Euromoney Institutional Investor, but the financial publishing and data group is having more trouble communicating the benefits to be gleaned from its strategic shift.
Investors should hope the board continues playing hard to get. A fifth all-cash offer of £14.61 from private equity firms Astorg Asset Management and Epiris is 34 per cent higher than the share price, but that premium looks less fat when compared with the three-year average prior to the 2020 market crash, which would represent a 23 per cent premium. It is also 3 per cent below a 2019 share price peak. The credible prospect of growing revenue and expanding margins should deter investors from being tempted to take the offer if it
