The transaction is expected to close by year-end or in early 2013, the company said Monday.
It will have a non-cash impairment charge of about $450 million to $550 million in the fourth quarter and use an estimated $1.9 billion in net proceeds to fund share buy backs and debt payments. McGraw-Hill rose 1.75 percent to $52.85 at 11:07 a.m. in New York.
“They got a fair price,” William Bird, an equity analyst at Lazard Capital Markets, said in a telephone interview. “It was consistent
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