Periled, Macmillan Splits Itself

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.