FORBES IN TALKS WITH SPAC AS TAKEOVER BIDS MOUNT

Business news and information publisher Forbes Media LLC is in talks to go public through a merger with a special purpose acquisition company (SPAC) as it attracts new acquisition interest, people familiar with the matter said on Thursday.

Forbes' owner is also considering offers from bidders, including investment vehicle Borderless Services Inc., which has bid $700 million, and from a consortium led by tech investor Michael Moe, the sources said. Both of these bids would result in Forbes remaining a privately held company, Joshua Franklin, Echo Wang and Krystal Hu reported for Reuters.

A deal could result in Forbes' ownership changing hands seven years after Hong Kong-based investor group Integrated Whale Media Investments purchased 95% of the company. The remainder of Forbes is owned by the Forbes family.

A proposed deal with a SPAC would take Forbes public on the US stock market, enabling the existing owners to benefit from any share price increase on their remaining stakes.

The identity of the SPACs in talks with Forbes was not immediately clear.

A Forbes spokesman said: "We have no comment, but investors have consistently shown interest in Forbes, which has produced three years of record results, and 2021 is shaping up to be a strong year as well." Integrated Whale Media could not immediately be reached for comment. Moe and Borderless Services declined to comment.

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