Business news and financial information provider Bloomberg, US, has announced that it has completed its acquisition of The Bureau of National Affairs, Inc (BNA). BNA is now a stand-alone wholly-owned subsidiary of Bloomberg.
The acquisition was overwhelmingly accepted by the BNA owner/employees, who tendered about 95 percent of their stock within the 20 business day offering period. Additionally, Bloomberg received an early termination of the waiting period under the Hart-Scott-Rodino Act.
The combination propels Bloomberg Law's expansion into the legal information market and increases Bloomberg's presence in the Washington, D.C. area where BNA is based. In addition, the combination expands Bloomberg's coverage and analysis of tax and accounting, labor and employment, healthcare, intellectual property, and telecommunications issues. BNA will be led by its current management team and it will be part of the Bloomberg Industry Verticals Group.
On August 25, 2011, Bloomberg and BNA jointly announced their entry into an Agreement and Plan of Merger, which provided for a cash tender offer by a subsidiary of Bloomberg to purchase all of the outstanding shares of BNA common stock for $39.50 per share to be followed by a merger to complete the acquisition of any shares not acquired pursuant to the offer. The total purchase price for the acquisition was just under $1 billion.
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