 In October 2006, the company was approached by Springer Science and Business Media in a takeover bid, but in early November the Informa board rejected the 630p per share offer as too low.In early 2007, chairman Richard Hooper announced his retirement in May and, after consulting with major shareholders, the company moved chief executive Peter Rigby to chairman, and managing director David Gilbertson to Rigby's former post.Informa explained Rigby's move by the need to maintain management stability, although it generated some controversy because it did not follow the advice of the UK's Combined Code on Corporate Governance.