Headline 'could fetch £300m'

<p>Liz Bury</p><p>Hodder Headline could realise &#163;300m in a trade sale, according to brokers Baird. The price may be pushed up by a battle for its educational publishing division.</p><p>In a research note on the publisher's parent W H Smith, Baird analyst Paul Smiddy quoted the price paid recently by suitor Lagard?re for French publishing group Editis--two times sales and 15.3 times earnings before interest, tax, depreciation and amortisation. The same multiples would put a tag on Hodder Headline of about &#163;316m, he said. "We believe that [the Editis] transaction represents the most...

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