Cannes Lions, the festival of creativity, is owned by Ascential, now to be acquired by Informa.
Ascential, the owner of Cannes Lions and Warc, is to be acquired by publisher and events group Informa for a cash offer of £1.16bn ($1.5bn).
The boards of both Ascential and Informa have agreed to the terms of a recommended offer of 568p per share. It values the company at £1.16bn “on a fully diluted basis”.
Shares in Ascential closed yesterday at 446.8p, a rise of more than 20 per cent. Today’s news of the agreement has sent the share price up 26% to 564.5p at the time of writing.
Informa is a FTSE 100-listed British-owne
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