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The 5-month-old takeover fight for Macmillan Inc....

The 5-month-old takeover fight for Macmillan Inc. was put on hold for at least two weeks as a result of court action in Delaware. The Delaware Supreme Court agreed to hear British publisher Robert Maxwell’s appeal of a lower court ruling relating to Macmillan’s merger agreement with a rival suitor and set oral arguments for Nov. 2. The publishing giant has agreed to be acquired in a leveraged buyout for $2.5 billion by a group led by the investment firm Kohlberg Kravis Roberts & Co. and including Macmillan senior management. Maxwell has offered $2.51 billion for Macmillan under certain conditions through his Maxwell Communication Corp. Earlier, the Delaware Chancery Court issued a preliminary injunction preventing the Kohlberg group from completing its tender offer for Macmillan’s stock until Maxwell could appeal.


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