Buyers court Emap as it flags up possible structural reshuffle

The company maintained that it remains on track to meet its financial targets, but has taken on financial advisory firms Citi and Lazard to assist in the review.

"All options to maximise shareholder value will be examined, including a possible sale or demerger of some or all of its constituent businesses," it said in a statement.

One of the bids, believed to have come from private equity firm Apax Partners, offered around £1.3bn for the publisher's lucrative business-to-business titles.

However, according to the Daily Telegraph, sources indicate that rival publisher CMP is also eyeing Emap's business division.

Future Publishing has also been cited as a possible suitor.

It is unclear how the potential break-up would affect Emap's print and repro partners.

Repro house Gildenburgh recently landed a one-year contract with Emap for titles that include Bike, Classic Bike, Country Walking, What Bike? and MCN when the media group disbanded its in-house pre-press hub and reshuffled its repro.

One of the directors told printweek.com the company had received a phone call on Friday when the news broke.

"We've been told unofficially that it shouldn't affect us and what we're doing," he said.

"We deal with one person within Emap, but if that person changes, then who knows?"

Emap was unavailable for comment.

The company has already shed its French business-to-business exhibition division, Republic of Ireland radio stations and half of its television interests, generating more than £200m in cash, according to the company.

It said it would continue its search for a new chief executive following the departure of Tom Moloney earlier in 2007 after 26 years with the company.

Emap's statement flies in the face of previous assertions that it wasn't for sale, despite numerous profit warnings.