UBM, the publisher, has pledged to spend up to £500 million on acquisitions in the next two years, but has ruled out a late run at Emap’s business-to-business unit, saying that it wants to focus on conferences, data-bases and press release distribution.

The company was given a second chance to reenter the Emap auction on Friday, when Emap said that it would ask private equity bidders for its business-to-business arm to make an offer for the company - allowing a last-minute contender the chance to make a counter-bid.

However, UBM was emphatic yesterday that Emap did not fit in its criteria. Nigel Wilson, finance director, said: “We’ve spent a lot of time getting out the UK; why would we want to be getting back into it? We wish Emap well in selling to a new owner, but we’re doing no work on a bid whatsoever.”

UBM was once felt well-placed to buy Emap’s most valuable division, but it passed on bidding. However, remaining groups in the race fear that UBM could take advantage of disarray in the process as financial buyers struggle to raise debt to meet a £1.25 billion price.

UBM’s more modest war chest makes available £150 million and £250 million for the next two years, coupled with a return of £200 million to £300 million to investors. That should lift borrowings from £130 million to more than £500 million, with UBM believing that it should take on borrowings three times underlying income.

Setting aside its traditional businesses in trade magazines and American technology publishing, Mr Wilson said that UBM wanted to buy information services, such as the recently acquired transport business Commonwealth, and trade shows, such as Tissue World, and make them more international. He said: “We think 60 per cent of the industry is in private or association hands – it can take two to three years before deals come to fruition.” No big disposals were planned in the near future, although Mr Wilson said that he was “waiting for ITV” to buy UBM out of its 20 per cent share in ITN.

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