Under the settlement reached with the Department of Justice, Reed Elsevier can complete the on-sale to Thomson after it has acquired Harcourt. The Consent Decree obligates Thomson to divest certain college text books and either a portion or all of Harcourt Assessment Systems, Inc., a subsidiary of Harcourt, to one or more purchasers approved by the Department of Justice. On May 7, 2001, the Department of Justice completed its investigation of Reed Elsevier’s acquisition of Harcourt, and closed that portion of the investigation without further action.
Reed Elsevier’s tender offer for all of the outstanding shares of common stock, par value $1.00 per share and all outstanding shares of series A cumulative convertible stock, par value $1.00 per share of Harcourt remains subject only to completion of the regulatory process in the United Kingdom.
Reed Elsevier Inc. today also announced an extension of the expiration date of the tender offer from 8:00 pm, New York City time on Wednesday, June 27, 2001 until 8:00 pm, New York City time on Friday, July 6, 2001. The offer is being extended to accommodate the regulatory review process in the United Kingdom. Reed Elsevier may further extend the offer in due course.
