The March of Bloomberg with BNA Deal to Washington Continues
Washington D.C. was hit in the same week by an earthquake, a hurricane, and Bloomberg’s proposal to buy BNA. The hurricane and the earthquake were just passing through the area, but Bloomberg seems to have serious intentions of staying.
In a blog post and press release issued on the morning of Aug. 25, Bloomberg L.P., a firm based in New York, has announced its plans to acquire The Bureau of National Affairs Inc. or BNA, an employee-owned publishing company that is based in the D.C. area.
In a document entitled “Questions and Answers Related to Bloomberg’s Acquisition of BNA,” which accompanied the press release, Bloomberg stated that the company “anticipates that the transaction will close later in 2011, subject to regulatory approvals and successful completion of the Offer and Merger.”
The Q&A document also revealed that after the purchase, “BNA would retain its name and remain a stand-alone subsidiary within the Bloomberg family, operating from its current location under existing management.” Around $990 million in cash is being offered by Bloomberg for the purchase.
The firm has been a high-end financial information powerhouse since it was established in 1981. However, its recent moves prove that the firm has also recognized the significance of legislative, regulatory, and judicial information to every business decision making.
BNA has always been a part of the Washington information scene since it was established in 1929. Known for its high-quality news services like the Daily Report for Executives, Daily Tax Report, and United States Law Week, it also publishes books supporting accounting, legal reference, litigation and regulatory compliance. It became employee-owned in 1947 and remains so until now. According to investment research firm Integrity Research, Bloomberg is offering BNA employees $39.50 per share, which is a boon for the present stockholders.