UBM
Return to investors £245m
Most companies, on acquiring a business, bang on about it being “earnings enhancing” within a given period, which simply means it will make a reasonable turn, the main reason for buying it. Sell a business and the converse is true. Earnings are diluted, mainly because the amount earned from having cash sitting in the bank is less attractive.
UBM has been touting around PR Newswire for some months. This is a decent enough business, circulating press releases and other media material, but it does not really fit.
UBM’s policy since late last year has been to concentrate on its exhibitions side and allied marketing activities. Other peripheral bits have gone, including some small events, but the disposal of PR Newswire