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November 20, 2006

Riverdeep to Purchase Houghton Mifflin?

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It has been reported that Riverdeep, an Irish educational software publisher, is engaged in talks to purchase the much larger U.S. based Houghton Mifflin publishing company. The reverse takeover, if completed, would see the smaller Riverdeep, with a current market capitalization of about $1 billion, gain control of a much larger former rival, considering that Houghton Mifflin is currently valued in the $3-4 billion range. Prior to this news, there had been speculation that Houghton Mifflin might consider a stock market listing. The publishing giant was purchased by Vivendi Universal for $1.6 billion in 2001, and in 2002 was sold to Thomas H. Lee, Bain Capital, and Blackstone. Founded in 1995, Riverdeep offers web-based and CD-ROM software that is currently used in over twenty countries.

Read the full article at Reuters (UK Edition)
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