We were the first to highlight that PRN was up for sale back in October 2008 in our story ‘Now PRN Is Up For Sale‘ and have written on the subject several times since then.
Only a month ago we led with a story that Thomson had hired a leading Wall Street firm to sell PRN on its behalf – which turned out to be Goldman Sachs – David Weinfeld kindly emailed in to tell us “Goldman Sachs is advising Thomson on the sale of PRN” and pointed us at an FT article that confirmed this.
We very much doubt the ’30 expressions of interest’ in the FT article which said “PRN … has attracted some 30 expressions of interest … from PE firms and trade players”
We believe it more likely that 4 or 5 will actually have expressed an interest – especially in the current climate. Neo Media Group (Neo Advertising) was probably one of those who had a look but even though we know they are interested in North America they are far too clever to be seriously interested in PRN at the USD 80 Million value that Goldman Sachs and Thomson have put on the business.
The real gem in Thomson’s (Convergent / PRN) asset disposal is actually Screenvision AND until that asset is sold we think that Thomson / Goldman Sachs will be holding out for unrealistic top dollar BUT seriously we don’t see PRN being sold for anything like USD 30 million.