As expected, Vivendi filed its official tender offer for the remaining shares of Lagardere on Monday with the French competition authority (Autorité des marchés financiers) for approval. The offer includes a new enticement to accelerate the completion of the deal: For Lagardere shareholders who elect to sell their stock immediately, through May 20, Vivendi will pay €25.50 a share, an increase of €1.40 a share over what they paid Amber Capital in December and are required to offer others. (The increased offer bundles in the proposed €.50 a share dividend that awaits approval at the company’s annual meeting, so effectively […]
M&A
Private Equity Firm Veritas to Acquire Houghton Mifflin Harcourt for $2.8 Billion
Houghton Mifflin Harcourt announced on Tuesday morning an agreement to sell the company to investment firm Veritas Capital for $21 a share, with Veritas paying approximately $2.8 billion. (At the end of their third quarter, the company had approximately $317 million in long-term debt.) Bloomberg first reported on the negotiations over the holiday weekend. The board says, “The decision to enter into an agreement with Veritas was the result of a deliberate and thorough strategic review process” that included “discussions with several potential strategic and financial bidders.” The transaction is expected to close in the second quarter. Bloomberg had reported […]
Private Equity Firm Veritas Reportedly Negotiating to Buy Houghton Mifflin Harcourt
After reporting last month that HMH was exploring a sale, Bloomberg now reports that private equity firm Veritas Capital is bidding to take the education publisher private. “A final decision hasn’t been made and other bidders may emerge for the Boston-based company,” the sources are said to have indicated. Veritas bought Cambium Learning Group in 2018 for $900 plus the assumption of debt (and in 2021 refinanced the debt with $2.15 billion from Blackstone).
Draft2Digital to Buy Smashwords; Media Do Acquires Supadu
Draft2Digital will purchase Smashwords, combining the two self-publishing platforms under the Draft2Digital name., and the deal is expected to close March 1. According to a release, both companies are profitable and debt-free. Draft2Digital ceo and co-founder Kris Austin will be ceo of the combined company. Smashwords founder and former ceo Mark Coker will join the board and management team as chief strategy officer. Headquarters will be in Oklahoma City, where Draft2Digital is currently located, and all employees of the two companies “are expected to join the combination.” Together, the combined company will manage more than 800,000 titles from more than […]
Lakeside To Buy Phoenix Color
Lakeside Book Company will acquire all of the issued and outstanding shares of common stock of specialty printer Phoenix Color Corp. from ALJ Regional Holdings. Subject to regulatory and stockholder approval, the deal is expected to go through in the second quarter of 2022. Phoenix has plants in Maryland and Indiana, manufacturing book components, children’s books, and other print products. “The combination of Phoenix’s component production capabilities and Lakeside’s book manufacturing services would provide customers the benefits of streamlined order processing, scheduling and speed of delivery,” Phoenix chair and ceo Marc Reisch said in a release. “We know Phoenix well as […]
Waterstones Reportedly In Talks to Acquire Blackwell’s
Waterstones is in discussions to purchase Blackwell’s, Sky News reports. The 18-store UK chain confirmed it is in a period of exclusivity with an unnamed purchaser to negotiate a deal. Waterstones is said to be pursuing the acquisition on a solvent basis, and it is expected that such a deal would require regulatory approval. The Blackwell family has owned the operation since its founding in 1879.