The board of Informa on Thursday rejected its second offer in two years, turning down a 450p a share approach from a private equity consortium led by Providence Equity Partners, saying the price “significantly undervalued” the business information group that publishes Lloyd’s List.

The consortium, originally made up of Providence and Carlyle Group – and later joined by Blackstone – first approached Informa at the start of July with a 506p a share indicative proposal valuing the deal at £3.4bn. However, tumbling markets forced it to cut the offer by almost 10 per cent, valuing the company at closer to £3bn.