Cengage, an education and technology company, has announced that its merger agreement with McGraw-Hill has been terminated by mutual agreement due to a prolonged regulatory review process and the inability to agree to a divestitures package with the U.S. Department of Justice. In conjunction with the announcement, Cengage reaffirmed its commitment to student affordability and the company’s ongoing transformation to digital.
Since launching in August 2018, Cengage Unlimited has saved college students over $200 million with more than 2.6 million subscriptions sold. A subscription gives students access to more than 22,000 products, including eBooks, online homework access codes and study guides for one price, no matter how many materials they use. Subscription also includes free access to college success and career support, including activities in resume-building, financial literacy, time management and more. A subscription also includes access to services including Dashlane, Evernote, Kaplan and Quizlet.
Under the terms of the merger agreement, neither Cengage nor McGraw-Hill will be responsible for any payments to the other party as a result of the termination of the merger agreement.
Cengage will host a brief conference call and webcast at 11:00 a.m. Eastern Time on May 4, 2020 to address investor questions. A replay of the conference call will also be available beginning at 2:00 p.m. on May 4, 2020 and will remain available through 11:59 p.m. Eastern Time on May 11, 2020. The replay may be accessed by dialing 1-844-512-2921. From international locations, the replay may be accessed by dialing 1-412-317-6671, replay Pin Number 13703393. To access the webcast replay, go to: http://public.viavid.com/index.php?id=139743.
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