Mirriad Advertising mulls strategic options; Apollo plans to bid for Millicom

S&P Global Market Intelligence presents In Play Today, a periodic summary of potential private equity deal activity, including rumored transactions. This summary is based on information obtained on a best-efforts basis and may not be inclusive of all potential deal activity.

* Mirriad Advertising PLC's board started a formal review to consider all strategic options for the company, including raising additional equity, going private and a sale process. The board believes the London-based advertising company is undervalued despite its progress and improved position in the U.S. market.

* Bain Capital LP and CVC Capital Partners Ltd. are among investors evaluating the option to buy the promoter stake in life insurance company Max Financial Services Ltd., The Economic Times reported, citing people with knowledge of the matter.

* Blackstone Inc. is discussing the sale of about half of its stake in Embassy Office Parks REIT to Bain Capital for about $480 million at current prices, according to Reuters. The parties plan to execute the transaction in the coming weeks via block deals on Indian stock exchanges; however, the pricing or timing of the sale is not finalized.

* Apollo Global Management Inc. and Marcelo Claure are planning to buy out Millicom International Cellular SA with a potential deal value of about $10 billion, including debt, the Financial Times (London) reported. The buyers are working on structuring a deal to avoid repaying or refinancing Millicom's existing debt, which stands at nearly $6.9 billion.

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