The Week: City news - Reed division attracts bids

The sale of Reed Elsevier's Reed Business Information division has attracted up to 12 first-round offers, according to reports.

The division, whose titles include Variety and New Scientist, is valued at between £1 billion and £1.25 billion. The US publishing giant McGraw-Hill is said to have submitted a joint bid with the private equity companies Advent and Quadrangle, while TPG and DLJ Merchant Banking have also teamed up to place an offer. It is understood that Reed has received bids for parts of the business, as well as offers for the division as a whole.