$249M buy for Maxwell
NZPA-AP London Publisher Robert Maxwell’s British Printing and Communication Corporation has announced that it had agreed to acquire the Webb Company, Inc., an American printing and publishing group, for SUSII7 million (5NZ249.21 million) cash. Mr Maxwell, the chairman of British Printing and owner of the Mirror newspaper group, said the acquisition was the first of several the company plans in order to reach its objective of becoming a global media empire by 1990. The announcement said
Mr Maxw’ell and Mr Robert Sallman, president and chief executive officer of the Webb Company, had agreed on the sale price at SUSI 6.75 (5NZ35.67) a share. The formal offer will be mailed to Webb stockholders next week, the announcement said. Webb, known for its agricultural and home improvement magazines, specialises in colour printing. It made pre tax profits of SUSIO.9 million (5NZ23.21 million) in 1985 on sales of 5U5177.3 million (5NZ377.64 million).
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Bibliographic details
Press, 30 September 1986, Page 20
Word Count
153$249M buy for Maxwell Press, 30 September 1986, Page 20
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