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Harcourt General Inc

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BUSINESS
June 20, 2000 | Reuters
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.
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BUSINESS
November 2, 2000 | Reuters
U.S. research libraries are seeking to block the $4.5-billion sale of publisher Harcourt General Inc. to rivals Reed Elsevier and Thomson Corp., saying the deal will significantly raise prices for journals and textbooks. The not-for-profit Assn. of Research Libraries, which represents 120 libraries around the country, plans to meet next week with the U.S. Justice Department about the deal announced Oct. 27, an ARL official said.
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BUSINESS
December 5, 1994 | From Times Staff and Wire Reports
Harcourt Brace CEO to Resign: Harcourt General Inc. said Richard T. Morgan, president and chief executive of the company's educational-technical publishing business, is resigning effective Jan. 15, 1995, for health reasons. The company said Morgan will be retained as a consultant after his resignation and that a search will begin immediately for a new president of Harcourt Brace. Morgan, 57, joined the company as president in June, 1992.
BUSINESS
October 28, 2000 | Reuters
Anglo-Dutch publisher Reed Elsevier reached a deal to acquire U.S. schoolbook publisher Harcourt General Inc. for $4.5 billion, or $59 a share. Reed, which owns Hollywood trade paper Variety and legal database Lexis Nexis, said it also has agreed to sell a large slice of Harcourt to Thomson Corp. of Canada for $2.06 billion. Reed also will assume about $1.2 billion in Harcourt debt in the deal.
BUSINESS
May 3, 1994 | From Times Staff and Wire Reports
Neiman Marcus to Close Subsidiary Stores: The company said it will shut its 39-store Pastille retail chain and close as many as 50 of its Contempo Casuals chain's 288 stores. The move will eliminate up to 1,000 of the 3,800 jobs in the two chains and result in a pretax charge of $48.4 million, or 74 cents a share after tax, in the third quarter ended April 30. Neiman Marcus' 65%-owner, Harcourt General Inc., said it too would take a $48.
BUSINESS
April 22, 1997
Publisher-retailer Harcourt General Inc. on Monday began to seek shares of National Education Corp., the world's largest provider of correspondence courses, to purchase for $19.50 a share. Harcourt, which announced its unsolicited bid last week, said the tender offer to NEC shareholders will expire on May 16 at 9 p.m. PDT, unless the company extends it, according to documents filed with the Securities and Exchange Commission.
BUSINESS
November 2, 2000 | Reuters
U.S. research libraries are seeking to block the $4.5-billion sale of publisher Harcourt General Inc. to rivals Reed Elsevier and Thomson Corp., saying the deal will significantly raise prices for journals and textbooks. The not-for-profit Assn. of Research Libraries, which represents 120 libraries around the country, plans to meet next week with the U.S. Justice Department about the deal announced Oct. 27, an ARL official said.
BUSINESS
October 28, 2000 | Reuters
Anglo-Dutch publisher Reed Elsevier reached a deal to acquire U.S. schoolbook publisher Harcourt General Inc. for $4.5 billion, or $59 a share. Reed, which owns Hollywood trade paper Variety and legal database Lexis Nexis, said it also has agreed to sell a large slice of Harcourt to Thomson Corp. of Canada for $2.06 billion. Reed also will assume about $1.2 billion in Harcourt debt in the deal.
BUSINESS
October 18, 2000 | Reuters
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.
BUSINESS
June 6, 1997 | PATRICE APODACA, TIMES STAFF WRITER
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.
BUSINESS
October 18, 2000 | Reuters
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.
BUSINESS
June 20, 2000 | Reuters
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.
BUSINESS
August 21, 1997 | From Bloomberg News
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.
BUSINESS
June 6, 1997 | PATRICE APODACA, TIMES STAFF WRITER
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.
BUSINESS
May 14, 1997 | PATRICE APODACA, TIMES STAFF WRITER
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.
BUSINESS
May 2, 1997 | PATRICE APODACA, TIMES STAFF WRITER
Tipping the scale significantly in the contest to acquire National Education Corp., publisher Harcourt General Inc. on Thursday said it sweetened its bid to $21 a share, or about $797 million. Last month, Harcourt offered $19.50 a share for the world's largest provider of correspondence courses, or $740 million. The unsolicited bid topped the all-stock deal, now worth about $688 million, that National Education agreed to in March with Sylvan Learnings Systems Inc.
BUSINESS
September 16, 1993 | JAMES BATES, TIMES STAFF WRITER
Harcourt General Inc. said Wednesday that it will spin off its General Cinema Theatre chain--the nation's third-largest in revenue and fourth-largest in screens--to its shareholders, in part to simplify the publishing, retail and insurance giant. The tax-free distribution will result in a new entity called GC Companies Inc. headed by Chairman Richard A. Smith. Smith is expected to use the theater chain's strong cash flow in making various investments and acquisitions.
BUSINESS
May 2, 1997 | PATRICE APODACA, TIMES STAFF WRITER
Tipping the scale significantly in the contest to acquire National Education Corp., publisher Harcourt General Inc. on Thursday said it sweetened its bid to $21 a share, or about $797 million. Last month, Harcourt offered $19.50 a share for the world's largest provider of correspondence courses, or $740 million. The unsolicited bid topped the all-stock deal, now worth about $688 million, that National Education agreed to in March with Sylvan Learnings Systems Inc.
BUSINESS
April 22, 1997
Publisher-retailer Harcourt General Inc. on Monday began to seek shares of National Education Corp., the world's largest provider of correspondence courses, to purchase for $19.50 a share. Harcourt, which announced its unsolicited bid last week, said the tender offer to NEC shareholders will expire on May 16 at 9 p.m. PDT, unless the company extends it, according to documents filed with the Securities and Exchange Commission.
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