More RBI Uncertainty
Lots to catch up in the last few days, not least the effect of the crunch on the RBI deal. Bloomberg reports that the price continues to fall and that it is by no mean certain that any debt for the deal will get funded.
If the sale goes through there will be blood on the walls as a new owner slashes through the costs. If the deal does not go through there will be blood on the walls as Reed Elsevier slashes through the costs. Reed really want to get the deal done. Whatever the value of RBI today, they will judge it is unlikely to be higher anytime soon.