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Many companies are said to have shown interest in working with Forbes in its attempt to go public. Forbes Media LLC, information and publishing media has been said to be working on merging with Special Purpose Acquisition Company (SPAC) as it works to go public. According to reports, the company has received many interests, with Borderless Services Inc proposing a bid of 0 million. It has been reported that these bids would cause Forbes to remain a privately held company.An attempt to receive confirmation about the merger with SPAC was unfruitful. However, the spokesperson of Forbes revealed that many companies have shown interest, thanks to the three years of record results. The integrated Whale Media Investment that has a 95% stake in the company has not made any comment about the
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Many companies are said to have shown interest in working with Forbes in its attempt to go public.
Forbes Media LLC, information and publishing media has been said to be working on merging with Special Purpose Acquisition Company (SPAC) as it works to go public. According to reports, the company has received many interests, with Borderless Services Inc proposing a bid of $700 million. It has been reported that these bids would cause Forbes to remain a privately held company.
An attempt to receive confirmation about the merger with SPAC was unfruitful. However, the spokesperson of Forbes revealed that many companies have shown interest, thanks to the three years of record results.
The integrated Whale Media Investment that has a 95% stake in the company has not made any comment about the merger with SPAC. According to the source, the bid submitted by Borderless Services has a debt financing commitment from Ares Management Corp (ARES.N), a private equity firm. Borderless Services is led by Patrick McConlogue, and its an investment vehicle that focuses on blockchain technology. They proposed to set up a new management team and also launch a cryptocurrency project called Forbes wallet. It was reported that Forbes may or may not accept the bid.
In another case, another bidder can overtake their proposal. A different acquisition offer from a group of investors led by Michael Moe, founder and CEO of GSV Ventures is being reviewed by the company.
Integrated Whale Media acquired a majority stake in the company in 2014 when Forbes was valued at $475 million. Before then, the Forbes family, and Elevation Partners, an investment group, was in total control of the company. In 2017, HNA Group attempted to acquire it but was unsuccessful.
In a recent development, Forbes has joined the likes of BuzzFeed and Bustle Digital Group to pursue this deal.
SPAC is focused on acquiring other companies after raising funds in Initial Public Offering. SPAC is seen as an alternative to traditional IPO forcing deal makers and industry key players to consult their service. Over the years, many wall street investors are seen leveraging their reputation to establish SPAC, raise money through IPO then acquire companies. Most SPAC investors are not always informed about the type of companies they intend to purchase. To expedite the process of going public, many private companies also position themselves to be purchased by SPAC.
Forbes Media was founded in 1917 by B.C. Forbes. It is mostly known for its annual publication of the world’s wealthiest people. Also, the media company is known to encourage capitalism and entrepreneurship over the years. They claim the digital platform is globally visited as it reaches more than 140 million people.
Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.