Speculation is rampant that the auction of Forbes Media has hit a bump and that the one-time front runner, China’s Fosun International, has dropped out.
The sale process that began in mid-November is now entering its sixth month.
Fosun did not return an e-mail on Monday seeking comment. If Fosun has dropped out of the bidding, it’s unclear who is in the lead for Forbes.
One source said it could be Spice Global, the Singapore-based investment vehicle run by wealthy India-born businessman Bhupendra Kumar “B.K.” Modi.
Another speculated that Axel Springer Group, the German media giant that has a licensing deal for the Russian edition of Forbes, could be in the hunt. Both Spice and Axel Springer were identified as early suitors along with Fosun and an internal management group.
Modi’s own business empire was built on joint ventures with multinationals such as Xerox, Alcatel and Olivetti.
His personal fortune is estimated at $850 million, and he’s considered something of an eccentric businessman who calls himself Dr. M. Futurepreneur.
“If Spice was to bid for Forbes it would invariably do so as a [joint venture] with other investors,” said one ex-Forbes executive not involved in the negotiations.
“To my mind, it faces the same issue as Fosun: How to finance paying off Elevation and keeping [Forbes Chairman] Steve Forbes on board as a minority owner.”
The chatter was that Fosun would pay $250 million for Forbes, considerably less than minority owner Elevation Partners was hoping for.
Forbes CEO Mike Perlis held a company-wide sales meeting last week, but failed to answer the question on everyone’s mind: who is going to be the new owner?
Asked about growing speculation that Fosun was out, a spokeswoman said, “Forbes Media declines to comment on rumor or speculation.”