Fthr re Acquisition
Reed International PLC
Elsevier NV
21 February 2001
21 February 2001
Issued on behalf of Reed International PLC and Elsevier NV
Reed Elsevier's proposed acquisition of Harcourt General is referred to the UK
Competition Commission
Reed Elsevier plc today announced that Kim Howells, the UK Minister for
Competition and Consumer Affairs has referred its proposed acquisition of
Harcourt General Inc. to the UK Competition Commission for further
investigation. The Minister's statement refers to concerns relating
specifically to the scientific, technical and medical journals market. He
also states that his decision does not in any way prejudge the question of
whether or not the acquisition would be against the public interest.
Crispin Davis, Chief Executive of Reed Elsevier commenting on the referral
said: 'We remain convinced that we have a strong case in support of our
acquisition of Harcourt. We do not believe that it will have any adverse
effect on the public interest, nor any significant implications for the
competitive environment. Indeed, we believe there is a compelling logic to
our proposals to acquire the Harcourt businesses which will benefit customers.
We look forward to explaining the merits of the acquisition to the
Commission.'
The Secretary of State has asked the Commission to report no later than 28 May
2001, after which the Secretary of State will make his determination.
Accordingly, it is not expected that the transaction will close in the first
quarter.
The cash tender offer in the US for all the outstanding shares of common stock
par value $1.00 per share and all the outstanding shares of A series
cumulative convertible stock par value $1.00 per share of Harcourt remains
open.
Reed Elsevier and Harcourt are committed to the merger and the contractual
arrangements provide for extensions to the tender offer to accommodate the
normal regulatory review process. The agreement between Reed Elsevier and The
Thomson Corporation for the on sale of certain Harcourt businesses is also
unaffected.
For further information please contact:
Catherine May, Reed Elsevier +44 (0)20 7222 8420
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