Macmillan Suitor Gets 2nd Try

The Delaware Supreme Court today unexpectedly blocked a $2.5-billion takeover agreement that gave control of textbook publishing giant Macmillan Inc. to Kohlberg Kravis Roberts & Co., clearing the way for rival suitor Maxwell Communications to revive its bid.

The decision reversed a lower court ruling that had turned down Maxwell’s request for a halt to the merger agreement. Maxwell has claimed that Macmillan showed favoritism by accepting a $90.05 a share offer from Kohlberg Kravis that was lower than Maxwell’s $90.25 bid.