JWP completes its tender offer for Businessland

Article Abstract:

JWP Inc, Purchase, NY, completes it tender offer for Businessland Inc. Personnel reductions and elimination of some sales offices are planned. According to Robert J. Crowell, who will be the chairman and CEO of the organization that will combine Businessland with JWP's computer operations, the combined work force will be reduced by 10 percent to 20 percent, and as many as 30 sales offices might be closed. JWP will pay $32 million in cash and shares for Businessland's outstanding common shares. And JWP will pay $40 million in cash and securities for $50 million of Businessland's bonds. The acquisition is expected to require about three months.

Computers, peripherals & software, Chain Stores, Takeovers

---

JWP to buy Businessland for cash, stock; purchaser to pay $42 million for retailer's shares; debt will be assumed

Article Abstract:

Businessland Inc, the computer retailer, agrees to be acquired by JWP Inc, a competitor. JWP will buy Businessland's common stock for about $42 million and will also assume $50 million of debt, so that the total value of the deal will be near $100 million. CompuCom Systems Inc, which had also considered an attempt to acquire Businessland, is undecided about whether to fight JWP's offer. JWP has supplied few details about its plans for Businessland, which is doing so poorly that industry observers say an acquisition must be viewed as a gamble.

Computer and software stores, Computer stores

---

Similar abstracts:

• Abstracts: IBM unveils plan to expand multimedia; computer giant and NBC seeking ways to offer video clips on demand. IBM's plan to reduce VDT radiation fails to impress most computer makers
• Abstracts: Computer and peripherals industry. Computer makers likely to post weak results for June 30 quarter
• Abstracts: International Mobile plans to complete acquisition of SCS Mobilecom today. Pacific Telesis's PacTel sells Microtel stake
• Abstracts: AT&T's Zeglis leads race for CEO post. Sprint names LeMay to its no. 2 post, overseeing all of firm's operations
• Abstracts: 'Call-sell' rings steal cellular service, link Arabs to Israel for $18 a minute

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.