UK media group Informa has rejected a cut-price £3bn (€3.7bn) buyout proposal by a consortium comprising Providence Equity Partners, Carlyle Group and Blackstone Group, after the bid group reduced its offer by 10%.

As reported by Financial News yesterday morning, the consortium made a bid of 450p per share, valuing the company at around £3bn, which is 10% lower than an offer tabled in late June by the bulk of the same consortium.