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RCS accepts Gallimard bid for Flammarion
27.06.12 | Bookseller Staff
Italian publisher RCS MediaGroup is to accept a binding offer for French publisher Flammarion from parent company Gallimard.
The deal valued Flammarion at €251m, Reuters reports. The Italian group lowered the target sale price from €300m to €250m in May; the other contender, the Albin Michel-Chequers Capital partnership, withdrew its offer at the time after refusing to put more cash on the table.
RCS MediaGroup said it will receive about €230m from the sale, and will post a consolidated gain of €88m.