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Permira Is Said to Resume Talks With at $32

Oct. 2 (Bloomberg) -- Permira Advisers LLP resumed talks with Inc. for a takeover of the family-history research website at about $32 a share after earlier discussions stumbled over price, said people familiar with the situation.

Talks stalled because sought at least $38 a share and Permira wouldn’t bid more than $32, said the people, who asked not to be named because the discussions are private. London-based Permira is still seeking financing for a deal, which might fail to materialize, said one of the people. slipped 1.7 percent to $29.69 at the close in New York, paring an earlier surge of 7.7 percent, amid disappointment that the company hasn’t secured a higher offer and on concern that a deal may not happen. Prior talks with TPG Capital didn’t pan out, and the company has rebuffed a bid of $35 a share, people familiar with the situation said in August.

“It’s such a long, drawn-out process,” Raghavan Sarathy, an analyst for Dougherty & Co., said in an interview. Some investors who bought shares expecting an upside from a sale may have sold today, he said. “They’re not going to be playing this for a 10 percent upside.” has surged 31 percent since Bloomberg News reported June 5 that it hired Qatalyst Partners LLC to find buyers. The Provo, Utah-based company has a market value of $1.28 billion.

Too Expensive

While buyout firms KKR & Co. and Providence Equity Partners Inc. expressed interest in early on, they didn’t submit bids because they considered it too expensive, the people said in August. was founded in 1983 as a publisher of genealogical books and magazines, and later digitized its content. Heather Erickson, a spokeswoman for, declined to comment. Brooke Gordon, a spokeswoman for Permira, declined to comment. reported second-quarter sales and profit in July that topped analysts’ estimates, citing user gains and demand for new products. At the time, the company said it had passed the 2 million user mark by providing access to more information, including on DNA and U.S. Census figures, and raised its sales forecast for 2012 to as much as $480 million.

To contact the reporters on this story: Serena Saitto in New York at; Cristina Alesci in New York at

To contact the editors responsible for this story: Jeffrey McCracken at; Tom Giles at

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