As the Wall Street Journal first reported yesterday, Education Media and Publishing ceo Barry O’Callaghan says “we concluded that the offers we’ve received were less than what the business was worth in terms of long-term value and long-term profitability” so they are calling off a sale of Houghton Mifflin Harcourt. O’Callaghan says there were three bidders for the trade publisher, with estimated annual sales of $150 million to $200 million.WSJ Separately, Houghton Mifflin ceo Tony Lucki tells the Boston Globe the unit comprises about 5 percent of Houghton’s profits, and less than 10 percent of sales. He insists “the offers). […]
