Judge Halts Move by Macmillan to Deter Bass’ Takeover Bid
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NEW YORK — A state judge in Delaware today granted Texas investor Robert M. Bass’ request to halt a major restructuring by Macmillan Inc., the publishing giant Bass has offered to acquire for $1.9 billion.
Jack B. Jacobs, a judge in Chancery Court in Wilmington, Del., issued a temporary restraining order that prevents Macmillan from paying shareholders a special dividend that was to be the first phase in the company’s restructuring.
The order scuttles Macmillan’s plan to begin paying the special $52.35-a-share dividend today and means the takeover battle for the publishing and information systems company is on.
Bass has offered to acquire the company for $73 a share in cash, or, alternatively, to pay a $58-a-share dividend in his own restructuring. He already owns 9.1% of the company’s 26 million shares.
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