Private Equity Funder Apollo ‘Pulls Out’ Of RBI Bid Consortium: Report

Just a few days after Reed Elsevier (NYSE: RUK) named a new CEO, it’s already lost one bidder for its on-the-block Reed Business Information (RBI) publishing unit. US equity fund management Apollo Management has pulled out of the auction, Financial News reports, citing “a source close to the situation”. That’s despite the asking price dropping from a purported $2.3 billion (£1.46 billion) to a reported “below £1 billion”.

We reported, from our Future Of Business Media conference last month, that former WSJ publisher Gordon Crovitz was working with Apollo and Strauss Zelnick