New Jersey business magazine Forbes in SPAC merger talks amid new takeover interest

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New Jersey business magazine Forbes in SPAC merger talks amid new takeover interest

Forbes Media LLC., the Jersey City, New Jersey-based American business news and information media, widely hailed for its annual list of billionaires across the globe, had been in an advanced staged talk of an SPAC (Special Purpose Acquisition Company) merger deal to go public amid new takeover interests, a Bloomberg News report had published late on Thursday citing unnamed sources given the scale of sensitivity of the issue.

Aside from a potential SPAC-merger deal which would take the American media outlet public, owners of Forbes such as Hong Kong-based consortium Integrated Whale Media Investments which held a controlling 95 per cent stake in the business magazine that reaches as many as 6 million people across the world alongside the founder Forbes family which held remaining stake in the company, were also mulling potential takeover proposals from a number of bidders including a investor group led by tech investment tycoon Michael Moe alongside Borderless Services Inc., while another press agency report had quoted sources as saying that Borderless Services had already proposed a $700 million takeover deal for Forbes.

Forbes look to SPAC merger deal to go public

Although, the media headlines could not unveil the SPAC group which Forbes was targeting for a potential merger to go public, indicating a sharp pickup in investors’ interest on the business magazine, a Forbes spokesman said while being asked over the media headlines, “We have no comment, but investors have consistently shown interest in Forbes, which has produced three years of record results.

2021 is shaping up to be a strong year as well. SPACs or blank check firms are shell entities that could be capitalized on to taking a company public, while SPACs are allowed to raise funds from private investors or in IPOs to finance their planned merger deals without telling their investors about the company which they have been pursuing.