Reed took re-bids for magazine unit

By Jui Chakravorty Das

NEW YORK (Reuters) - Bidders for Anglo-Dutch publisher Reed Elsevier's (REL.L)(ELSN.AS) trade magazine unit were allowed to re-bid last week, and bids came in slightly lower than the first round, sources briefed on the matter said.

Several bidders submitted first-round offers for Reed Business Information earlier this month, valuing the publisher of Variety, Farmers Weekly and New Scientist at between 1 billion and 1.25 billion pounds.

The re-bids, not officially a second round, were allowed because bidders felt they were not provided enough information on the business in the first round, the sources said.

After being presented with more information, the newer bids came in "slightly lower" than those in the first round, one of the sources said. All bids were non-binding.

Yet more information on the unit is expected to be provided to bidders in the next few days, and a final round of offers will likely be due in early October, one source said.

Reed put the unit on the block in February to reduce exposure to cyclical advertising markets.

A number of private equity firms on both sides of the Atlantic are vying for the assets.

They include Europe's Candover (CDI.L) together with Cinven Ltd CINV.UL; Texas-based TPG TPG.UL; Boston-based Bain; Rhode Island-based Providence Equity Partners; and U.S.-based Quadrangle and Advent together with U.S. publisher McGraw Hill Cos Inc (MHP.N), separate sources have told Reuters.