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General Cinema Tender Reaches 90% Needed: The Newton, Mass.-based theater chain’s proposed $1.5-billion merger with the publishing and insurance concern Harcourt Brace Jovanovich Inc. has passed a critical test and now goes to a vote by shareholders. GC announced that its tender offer for Harcourt bonds reached the required 90% level for each class of Harcourt debt. GC and Orlando, Fla.-based Harcourt have now scheduled special shareholder meetings for Nov. 23 to vote on the merger agreement. Separately, GC’s chief executive, Richard A. Smith, said he would step down when the deal is complete. Smith, 66, said he would remain as chairman of the company. Robert J. Tarr Jr., 47, will succeed Smith as chief executive.
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