Bloomberg Completes Acquisition of BNA
FOR IMMEDIATE RELEASE
September 30, 2011
Bloomberg Completes Acquisition of BNA
NEW YORK, NY/ARLINGTON, VA, September 30, 2011– Bloomberg today announced that it has completed its acquisition of The Bureau of National Affairs, Inc (BNA) which is now a stand-alone wholly-owned subsidiary of Bloomberg.
The acquisition was overwhelmingly accepted by the BNA owner/employees, who tendered approximately 95% 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.
“Together, Bloomberg and BNA will offer a unique combination of premium content, deep subject matter expertise, proprietary data and world-class technological capabilities,” said Dan Doctoroff, CEO and President of Bloomberg. “BNA’s trusted and respected research and analysis will significantly enhance our professional offerings including Bloomberg Law, Bloomberg Government and the Bloomberg Professional service.”
“This is an exciting moment for all of us at BNA,” said Paul N. Wojcik, Chairman and CEO of BNA. “Through our unequivocal vote in favor of this transaction, BNA employees sent a clear signal that we are energized and enthused about joining Bloomberg in a move that will enhance BNA’s premium content with Bloomberg’s data and technology expertise and expand our audience of professionals.”
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.
“We’re delighted to formally welcome BNA to the Bloomberg family, and we look forward to working with BNA’s leaders and employees as we shape our future together,” said Peter Grauer, Chairman of Bloomberg. “We will work diligently over the coming months to determine how we will provide the best products for our customers, and will share more information as we progress.”
“The synergies between BNA and Bloomberg are clear, and we are incredibly excited to get to work on maximizing value for our customers in each of our markets,” said Greg McCaffery, President and COO of BNA.
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.
More information about the transaction is available on Bloomberg’s website at:
Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Professional service, which provides real time financial information to more than 310,000 subscribers globally. Bloomberg’s enterprise solutions build on the company’s core strength, leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. Through Bloomberg Law, Bloomberg Government, BNA and Bloomberg New Energy Finance, the company provides data, news and analytics to decision makers in industries beyond finance. And Bloomberg News, delivered through the Bloomberg Professional service, television, radio, mobile, the Internet and two magazines, Bloomberg Businessweek and Bloomberg Markets, covers the world with more than 2,300 news and multimedia professionals at 146 bureaus in 72 countries. Headquartered in New York, Bloomberg and its affiliated entities, including BNA, employ more than 14,500 people in 192 locations.
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