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Friday, October 27, 2000 Media Cynic | Forum | Advertising | Classifieds | Jobs Reed Elsevier, Thomson Acquire Harcourt Reed Elsevier plc has announced that it has signed a definitive agreement to acquire Harcourt General Inc. The offer of $59 per share of common stock values the equity of the company at $4.45 billion and has been unanimously recommended by the Harcourt Board. The Smith Family, which owns approximately 28% of the common stock of Harcourt, supported the offer. Reed Elsevier also announced that it will sell to The Thomson Corporation the Harcourt Higher Education business and the Corporate and Professional Services businesses other than educational and clinical testing. Following completion of the offer and the on-sale of businesses, Reed Elsevier will have acquired Harcourt’s Scientific, Technical and Medical business and its K-12 (kindergarten to grade 12) Schools Education and Testing businesses. The acquisition and the sale to Thomson are expected to be completed in the first quarter 2001, subject to customary regulatory approvals. Richard A. Smith, chairman of Harcourt General, said, ``We are pleased to have reached this agreement, which continues our tradition of delivering significant value to shareholders. At the same time, the transaction provides an opportunity for our employees to become an integral part of two exceptional companies committed to investing in and continuing the success of the Harcourt businesses.'' Related Links: Harcourt Reed Elsevier Thomson Corporation Click here to return to the homepage of The Write NewsTM Click here to subscribe to our free weekly email newsletter.  www.writenews.com Copyright © 1997-2009 by Writers Write, Inc. All Rights Reserved. |
