Cleveland—Penton Media announced Tuesday afternoon it has retained Credit Suisse Securities as its financial adviser to explore a possible sale, as well as other strategic alternatives. A special committee of the board has been formed to exclusively represent common stockholder interests, and Allen & Co. was retained as its financial adviser.
David Nussbaum, CEO at Penton, in a statement said it is “an opportune time to evaluate strategic alternatives” based on several factors. Those include the company’s improved operating income, in the wake of the 2001 recession, and “the board’s belief that the market is currently very attractive for business-to-business media assets.”
Penton said it does not expect to disclose any possible deals until the board approves a definitive transaction. It also said any transaction would be reduced by, among other things, the necessity to repay outstanding debt of $317.3 million.