Events and exhibitions firm, Informa, has rejected a reduced takeover bid from a private equity consortium.
The £1.87 billion offer by Carlyle Group, Providence Equity Partners and Blackstone undervalued the business.
A previous takeover offer valued Informa at £2.15 billion in July. This offer was made when the same consortium included Hellman & Friedman, rather than Blackstone.
It is uncertain whether the private equity bidders will return with a revised offer. It has been suggested that in the face of worsening markets the consortium's recent offer is the best they can do.
In June United Business Media ended merger discussions with Informa after it did not agree the terms of a deal. Carlyle and Apax also considered making a bid earlier this year.
Despite the weaker economic climate, Informa's trading remains in line with its expectations.
Informa owns 2,000 trade publications and employs more than 10,000 people in 40 countries. It also organises about 10,000 business conferences per year.
