Periled, Macmillan Splits Itself
- Share via
NEW YORK — Macmillan Inc., the latest leading U.S. publisher to become a takeover target, split itself into two companies today and announced a $1.36-billion share payout to blunt a $1.6-billion acquisition offer from the Robert M. Bass Group of Texas.
In a statement, New York-based Macmillan said it was reorganizing itself into two companies: the Macmillan Publishing Co., encompassing its traditional publishing businesses, and the Macmillan Information Co. for its non-publishing activities. The companies will be separately traded on stock exchanges. Macmillan will pay a special dividend worth at least $52.35 in cash, or a total of about $1.36 billion for the company’s 26,011,000 shares. Shareholders will also get stock and bonds in the new information company as well as retaining shares in the renamed Macmillan Publishing Co.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
