GLM May Be for Sale, Owner Says
LONDON-Daily Mail and General Trust (DMGT), owner of GLM, said it is exploring "strategic alternatives" about the company's U.S. trade-show unit--which, according to sources, could include a sale of the business.
The statement said, "The strategic review of GLM follows the conclusion that there is limited opportunity to leverage the GLM assets across the wider DMGT group, and that we should focus our events activities onto fewer areas ... such as our portfolio of energy shows and our activities in the Middle East."
A source close to DMGT said a GLM sale would probably be valued at more than $200 million. The source added that another alternative would be for DMGT to hold on to GLM and reorganize it.
DMGT said it has appointed Jordan, Edmiston Group, based in New York City, as its financial advisers in the process.
Among GLM's trade shows are the New York International Gift Fair, which this summer will include the Gourmet Housewares Show; Surtex; the International Contemporary Furniture Fair; and the International Hotel, Motel + Restaurant Show. DMGT first purchased a 25 percent stake in GLM in 2000, and made two separate deals in 2007 to acquire the remaining 75 percent.
"Following a strategic review, DMGT has announced plans to sell its U.S. tradeshow business, GLM," GLM said in a statement. "DMGT has appointed investment bank Jordan Edmiston to handle the sale, which has reached second-round bids. The sale will initiate an ownership change, not a management change for GLM tradeshows, and has no impact on ongoing GLM activities. At this time, GLM's comments are limited to confirmation of DMGT's announced plans."