JWP completes its tender offer for Businessland
Article Abstract:
JWP Inc, Purchase, NY, completes it tender offer for Businessland Inc. Personnel reductions and elimination of some sales offices are planned. According to Robert J. Crowell, who will be the chairman and CEO of the organization that will combine Businessland with JWP's computer operations, the combined work force will be reduced by 10 percent to 20 percent, and as many as 30 sales offices might be closed. JWP will pay $32 million in cash and shares for Businessland's outstanding common shares. And JWP will pay $40 million in cash and securities for $50 million of Businessland's bonds. The acquisition is expected to require about three months.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1991
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JWP to buy Businessland for cash, stock; purchaser to pay $42 million for retailer's shares; debt will be assumed
Article Abstract:
Businessland Inc, the computer retailer, agrees to be acquired by JWP Inc, a competitor. JWP will buy Businessland's common stock for about $42 million and will also assume $50 million of debt, so that the total value of the deal will be near $100 million. CompuCom Systems Inc, which had also considered an attempt to acquire Businessland, is undecided about whether to fight JWP's offer. JWP has supplied few details about its plans for Businessland, which is doing so poorly that industry observers say an acquisition must be viewed as a gamble.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1991
User Contributions:
Comment about this article or add new information about this topic:
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