A £3 billion tie-up between two rival media companies looked off the cards after merger talks ended.
United Business Media was in discussions over an all-share deal with conference organiser and publisher Informa, which would have propelled the company into the FTSE 100 Index.
But UBM said it had reluctantly ended the talks after failing to gain a good enough deal for its shareholders.
The company said: “UBM remains of the view that a merged company could deliver significant benefits to both UBM and Informa shareholders, provide enhanced services to its customers, and could become the employer of choice in the global business media market.
“However, the board has been unable to agree terms with Informa that would be in the best interests of UBM shareholders. Discussions between UBM and Informa have therefore ceased.”
UBM produces more than 200 magazines, newspapers and directories, including titles such as Property Week and Travel Trade Gazette. Despite the collapse of the Informa tie-up, the company said said it would continue to look at possible acquisitions and ways to boost organic growth.
Informa is the world’s largest listed conference organiser, and also publishes titles such as the shipping industry bible Lloyd’s List.
A merger between the two groups would have given UBM access to the events market in Asia and the Middle East, an area where it has recently been expanding its presence.