LONDON – Shares at Informa PLC, the London-based publisher of Lloyd's List maritime newspaper, fell almost 7 percent on Friday after the company rejected a reduced $3.4 billion takeover bid from a private equity consortium.

Informa said Thursday that the consortium's offer of 450 pence ($7.93) a share, or a total of 1.9 billion pounds, significantly undervalued the company.

The publisher had previously received an approach of 506 pence ($8.91) in July, which valued the company at 2.15 billion pounds ($3.79 billion).

The reduced offer, and subsequent rejection, came after a change in the members of the takeover consortium earlier on Thursday.

Blackstone Management Partners LLP replaced fellow U.S. private equity firm Hellman & Friedman LLC to join Providence Equity LLP and The Carlyle Group in the bidding group.

Informa owns more than 2,000 trade publication and arranges some 10,000 business conferences each year and has a presence in some 40 countries.

An earlier takeover attempt by United Business Media ground to a halt in June.

“Interest in Informa has demonstrated the attractiveness of the company's business model, the quality of its assets and people,” said Informa's CEO Peter Rigby.

Shares fell 6.9 percent to 385.75 pence ($6.81) in London.