NEW YORK – Business news and information publisher Forbes Media LLC is in talks to go public through a merger with a special purpose acquisition company (SPAC) as it attracts new acquisition interest, people familiar with the matter said on Thursday.
Forbes’ owner is also fielding offers worth up to $700 million from bidders including a consortium led by tech investor Michael Moe and another offer from investment vehicle Borderless Services Inc, the sources said. Both of these bids would result in Forbes remaining a privately held company.
A deal could result in Forbes’ ownership changing hands seven years after Hong Kong-based investor group Integrated Whale Media Investments purchased 95% of the company. The remainder of Forbes is owned by the Forbes family.
SPAC INSIDERS CAN MAKE MILLIONS EVEN WHEN THE COMPANY THEY TAKE PUBLIC STRUGGLES
A proposed deal with a SPAC would take Forbes public on the U.S. stock market, enabling the existing owners to benefit from any share price increase on their remaining stakes.
The identity of the SPACs in talks with Forbes was not immediately clear.