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German BertelsmannSpringer cuts number of bidders to three

German publisher BertelsmannSpringer has reduced the number of bidders for its science-publishing unit to three private equity-backed groups. Bertelsmann received seven initial offers valued at between E800m and E1.2bn.

Three bidding groups, one comprising Candover and Cinven, another consisting of Apax Partners and UK publisher Taylor & Francis, and a final group uniting CVC capital Partners and Blackstone have been asked to submit final offers for the business.

Soros Private Equity, BC Partners, EQT Partners and Permira have all had their offers rejected by the family-run group.

Bertelsmann is selling the business in order to reduce a debt burden, which has increased to E2.7bn during 2002, largely as a result of its acquisition of recording label Zomba last year.

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