Personanondata: Reed Complete Harcourt Sale

Thursday, December 13, 2007

Reed Complete Harcourt Sale

Reed outlined its plans for a special shareholder dividend to distribute the proceeds from the sale of the Harcourt education unit. From Reuters:

Reed Elsevier shareholders will receive 82 pence per share while Reed Elsevier NV shareholders will get 1.767 euros per share. This will be accompanied by a share consolidation, which has already been approved, on the basis of 58 new ordinary shares for every 67 existing ordinary shares.

According to ABN AMRO analyst Paul Gooden (also quoted by Reuters) this is good news because some analysts were worried the deal could collapse. Post-sale, the consensus is that share performance will improve as the impact of Reed Elsevier's electronic publishing is more readily apparent. It was generally believed that Harcourt was a drag on the overall business.

Reuters

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Michael Cairns

Michael Cairns is currently Head of Partner and Channel Development for the publishing unit of the American Psychological Association which is a $100million scholarly, academic and educational publisher. In this role, he is responsible for all sales and marketing activities supporting the revenue base and working with current and new partners to expand APA's publishing program and mission. Michael Cairns has served as President, CEO and CRO of several brand name publishing, technology and content-centric businesses. His career includes a wide range of publishing and information products, services and B2B categories and his operating and consulting experience has largely been with brand-name companies such as PriceWaterhouseCoopers, Macmillan, Inc., Berlitz International, AARP, R.R. Bowker and Wolters Kluwer. Mr. Cairns has also served on boards including the Association of American Publishers (AAP), the Book Industry Study Group (BISG) and also served as Chairman of the International ISBN Executive Committee.