McGraw-Hill Gets Maxwell OK on 15-Year Reprieve
From Associated Press
NEW YORK —
Maxwell Communications Corp. has agreed not to try to acquire McGraw-Hill Inc. for 15 years, while its affiliate, Macmillan Inc., has entered an educational publishing venture with McGraw-Hill, the companies announced today.
The joint venture in elementary, secondary and vocational education publishing combines units of Macmillan and McGraw-Hill that had $440 million in total sales last year.
Industry watchers have considered McGraw-Hill, the New York-based publishing and information services company, a possible takeover target for some time.
McGraw-Hill said it had accepted Maxwell’s 15-year standstill agreement offer as part of the publishing venture deal.
