October 18, 2000 |
Dutch publisher Wolters Kluwer confirmed it has bid for U.S. publisher Harcourt General Inc., and industry sources said Anglo-Dutch rival Reed Elsevier also is in the running. Harcourt, one of the world's biggest education publishers, which analysts value at as much as $6 billion, has been for sale since June. Sources said the subscription period for an auction of the assets ended Monday.
September 19, 2000 |
GC Cos., parent of General Cinema Theaters Inc., which has struggled under the costs of operating expensive mega-plex theaters and declining attendance, said it is considering filing for bankruptcy if it can't get concessions from creditors, a regulatory filing said. In a separate filing, Harcourt General Inc., which spun off General Cinemas in 1993, said a bankruptcy filing by GC could leave Harcourt liable for future theater-lease payments totaling as much as $355 million as of July 31.
June 20, 2000 |
Giant textbook publisher Harcourt General Inc. said that it has hired Goldman, Sachs & Co. to explore strategic alternatives, including a possible sale of the company. The announcement boosted Harcourt's shares $12.78, or 30%, to close at $54.81 on the New York Stock Exchange. Bear Stearns managing director David Nadel said he believed Harcourt could fetch as much as $70 a share, which would put the price tag around $5.1 billion. Harcourt also has about $1.2 billion in debt.
August 21, 1997 |
GC Cos., which operates the General Cinema movie theaters, has teamed with actor and movie producer Robert Redford to create a chain that will show only independent films. The theaters, to be called Sundance Cinemas, will try to tap into the growing market for such films, which typically aren't produced by major studios. They include 1996's Academy Award-winning "The English Patient," which had $80 million in U.S. ticket sales.
June 6, 1997 |
Harcourt General Inc. took a big step toward acquiring National Education Corp., saying that 96% of the shares of Irvine-based NEC had been tendered by Wednesday's deadline for the publisher's offer. Harcourt's $21-a-share bid for NEC, agreed to by the two companies last month, was subject to a minimum of 90% of the shares being tendered. With that benchmark surpassed, Harcourt said it expects to complete the $811.6-million merger by Tuesday. Based in Chestnut Hill, Mass.
May 14, 1997 |
National Education Corp., which became a coveted prize after undergoing a dramatic turnaround in the past year, has agreed to be acquired by publisher Harcourt General Inc. for $21 a share, or $811.6 million. If the buyout is completed, NEC's corporate headquarters in Irvine would be closed and up to 40 employees now based there would lose their jobs. Harcourt said it would move quickly to consolidate the administrative operations of NEC into its Chestnut Hill, Mass. headquarters.