Image [cc] Scazon

The year started out with a trio of mergers in the legal information field when Thomson Reuters announced it was acquiring PLC, and Learnlive, and LexisNexis announced it was acquiring Knowledge Mosaic. The activity tappered off a bit after that initial first week flurry, but there have been a number of mergers, acquisitions and partnerships throughout 2013 and we thought we’d review what has changed this year.

I’m sure we’ve missed a few other activities that happened in 2013. Feel free to add those in the comments.

Let’s see what 2014 brings in the great shrinkage of legal information providers.

Late last week, thanks to Reuters I learned that Mergermarket is up for auction. “British publisher Pearson put its Mergermarket news service on the block on Friday[July 26th] while insisting that it intends to hang on to the Financial Times newspaper, Reuters reported.”

Hearing that a beloved information and intelligence source is up for sale stimulates a whole series of questions for law firm intelligence and librarian types, such as:

  • Who will buy the service? Obvious choices come to mind like Thomson, Lexis or Bloomberg
  • Will (and how) customer service and support be affected?
  • Will this get rolled into some other bigger product that I will need to subscribe to for large sums of money to only use a portion of it?

Mergermarket is a good service for all sorts of intelligence projects and likely a profitable business which is why Pearson is looking to sell.  One can only hope that come what may for all of its users, that at least the deal will be reported on accurately.  

(With sincere apologies to Sam Beckett.)

Deweygon, sitting on
a first year associate, is trying to write off his client’s bills.  He crosses out and uncrosses out. 
He gives up,
exhausted, rests, and prints out another copy. 
As before. 
File:Waiting for Godot in Doon School.jpg
Image [CC] – Merlaysamuel
Enter Howreymir.
Deweygon:  (Giving
up again)
Nothing to be done.
Howreymir: I’m
beginning to come round to that opinion. 
Deweygon: Ah,
so there you are again. I thought you had gone forever.
Howreymir: I
may have.
Deweygon: As
long as you’re here, you can help me with this. 
(writing again) More partners…
equals more hours… (with rising
intensity)
equals greater revenue …
Howreymir: Equals
less profit. 
Deweygon: (sinking, resigned) Equals less profit.
Every time, the same result. When will they get here!?
Howreymir: Today.
I feel it.
Deweygon: You
said that yesterday.
Howreymir: But
today, I am sure.
Deweygon: And
if you are wrong?
Howreymir: Then
tomorrow, or next week perhaps.
Deweygon: And
what shall we do until then?
Howreymir: We
could fire associates… or IT staff.
Deweygon: Or we
could make them partners and use their “buy-in” as cash to keep us going until
they arrive.
(The first-year associate,
still under Deweygon, begins nodding his head vigorously, wagging his rear, panting
like a dog, and pulling wads of cash from his pockets. Howreymir casually picks
up the money and pockets it himself.)
Howreymir: No.
That will not keep us.
Deweygon: For a
while, perhaps?
Howreymir: No.
(The first year
sticks out his lower lip in an exaggerated pout, lowers his head, and begins to
sob silently.)
Deweygon: Then
we are doomed?
Howreymir: They
will come.  They have the answers.
Deweygon: But
until they get here!?
Howreymir: We keep
hitting our hours.
Deweygon:  I have hit 52 hours in the last 2 days!
Howreymir:  But we have no clients to bill.
Deweygon:  No clients.
Howreymir: We
could get some.
Deweygon: We
should wait and see what they say first.
Howreymir:  Who?
Deweygon: Martin
Luther LLP
Howreymir:  Good idea.  They will show us what we need to change.
Deweygon: They
have the answers. They know how to do things.
Howreymir: What
if they don’t?
Deweygon: What
do you mean?
Howreymir: What
if they think we know how to do things?
Deweygon: Maybe
we should fix things now before they come, so that we can help them when they
get here?
Howreymir: We
could probably improve our processes.
Deweygon: We
could certainly improve our efficiency.
Howreymir:  We could definitely improve our technology.
Deweygon: That
will cost money.
Howreymir: They
are bringing the money.
Deweygon:  Unless they don’t have that either.
Howreymir:  You think they don’t have money?
Deweygon: They
approached us. If they have so much money and so many clients, then why would
they come to us.
Howreymir: We
have prestige.
Deweygon: We
are prestigious. And great lawyers.
Howreymir: Truly
great.
Deweygon:  The best of the best!
Howreymir: The
top-tier of the top-tier!
Deweygon:  The last of the white shoes.
(Both look down and
notice they are wearing brown and black shoes. A noise off stage.)
Howreymir: What
was that?
Deweygon:  It’s them, they’re coming!
Howreymir: Can
you see them?  Do they have money? Or clients?
(Both look intently
off stage for a long moment.)
Deweygon: I don’t
see them.
Howreymir:  It was the wind.  But they will come. Today.
Deweygon: Or
tomorrow.  And they’ll know what to do.
Howreymir: In
the meantime, there is nothing to be done.
Deweygon: No. Nothing
at all.
(Fade to black)
Many believed that Canadian leverage was too high compared to US and UK firms, but the Canadian economy is stable, our lawyers are talented and the merger announcements keep coming. Until recently, the Canadian market has been relatively sheltered from major international mergers. Until Norton Rose merged with Ogilvy Renault as of June 1, 2011, and with long standing Alberta based MacLeod Dixon as of January 1, 2012. 
Just last week, on November 7th 2012,  SNR Denton, Salans and Canadian firm Fraser Milner Casgrain announced a three way merger, to create a new global law firm with about 2,500 lawyers and 79 offices. And today, another announcement, effective June 1, 2013 involves Norton Rose again, but this time with Fulbright and Jaworski.  The combined firm will be a global legal practice that will include 3,800 lawyers in 55 offices across the United States, Europe, Asia, Australia, Canada, Africa, the Middle East and Latin America.  Can you imagine the conflicts that had to be cleared for that one? 
These recent mergers are game changers for US, UK, Canadian and all International firms.  To deny its impact and influence, whether the future brings success or failure would be inane.  It will have an impact and all I can hear is  R.E.M. playing in my head…. “it’s the end…..”

Below is an excerpt of what Law 360 emailed to its current client base re/the news of this acquisition.

The combination of Law360 and LexisNexis will deliver powerful improvements to Law360’s news coverage and will allow us to continue to expand our coverage into new practice areas and jurisdictions.

In the intermediate term, the acquisition will not result in any changes for Law360 clients:

  • Law360 will operate as a stand-alone company
  • Law360 content and newsletters will remain the same
  • Law360 account executives will continue to manage client relationships

Over time, Law360 will leverage the depth and breadth of LexisNexis resources to continue to expand its coverage of litigation and public policy. Clients will notice gradual improvements in Law360 content as our newsroom gets access to the rich tools and data resources available on the LexisNexis platform.

And here are some excerpts of the Lexis press release:

“Breaking legal news and analysis are critical for legal professionals as they drive success for their businesses and clients,” said Bob Romeo, CEO of Research and Litigation Solutions at LexisNexis. “Law360 is a key element of our growth strategy because it adds legal news and analysis, a crucial part of an attorney’s workflow and a key entry point to legal research.”

The acquisition of Law360 is part of the continuing LexisNexis commitment to provide critical legal and business content to help customers increase productivity and achieve better outcomes for their organizations and clients.

They will continue to run the company as a stand-alone business, while leveraging the content and analytical resources and distribution of LexisNexis.

My first thoughts for what they are worth!

  1. Glad it appears that at least in the interim (how long will that last?) for existing clients there will be no changes, but what about new clients under the Lexis umbrella? Likely to be a separate add on cost?
  2. Sounds alot like the BNA BLaw acquisition model, in that Law 360 will continue to operate as a stand alone company  – good and hopefully lasting news!
  3. Very curious about the pricing models to come for this content on Lexis. Not likely to play out as the ALM acqusition did as it appears to be a different type animal. Law 360 native to online environment and not content that was ever on Westlaw like ALM content was.
  4. Definitely hoping that Lexis has taken notes on the BNA BLaw blog discussions!

Guest blogger,

Cheryl Niemeier
Director of Library Services
Bose McKinney & Evans LLP

Leave it up to Jean O’Grady to come up with a fascinating question to end the week. On her wonderful blog, Dewey B Strategic, she is running a quick and dirty survey on the “Best and Worst Legal Publishing Mergers.” Although, it is not a purely scientific survey, I suggest that you go over and fill out the short two-question survey and get your opinion in. I have to admit that in the “Best” category, I felt like I was picking the “least evil” of the mergers. Plus, I had a hard time pinning down which one I thought was the winner of the “Worst” category (as they have all caused a shrinking of the industry and, in my opinion at least, have contributed to the massive increase in overall costs of legal research over the past twenty or so years.

Here’s the link to Jean’s post (the survey link is there.) Go submit your winners/losers!!
I also updated the Thomson Reuters “Acquisitions” spreadsheet that Sarah Glassmeyer started a couple years ago. As you can see, the “hits” just keep coming! 
Note: These are just the mergers that I considered “Legal Publishing.” There were a number of Tax, Energy and Financial/Business News mergers as well.
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I also received a Q&A Sheet from Bloomberg about their acquisition of BNA and what it means for customers of both products.

QUESTIONS AND ANSWERS RELATED TO BLOOMBERG’S ACQUISITION OF BNA
1. What was announced today?

Bloomberg and The Bureau of National Affairs, Inc. (BNA) today announced that they have entered into an agreement under which Bloomberg will acquire all 25,116,830 outstanding shares of BNA for $39.50 per share in cash for a total purchase price of approximately $990 million. The boards of directors of both companies have unanimously approved this transaction, which is expected to close later in 2011.

2. Why did Bloomberg acquire BNA?

Bloomberg does not make acquisitions very often – we have a strong bias toward organic growth. But the availability of a leading firm such as BNA – who shares so closely our mission and approach – was a rare strategic opportunity.
Together, Bloomberg and BNA will be a unique combination of premium content, deep subject matter expertise, proprietary data and world-class technological capabilities to provide distinctive products and solutions for professionals and decision makers in law, government, business and finance.
This acquisition would immediately strengthen Bloomberg’s offerings in the legal information market by complementing Bloomberg Law – the only legal research system that fully integrates primary research, dockets, company information and proprietary news – with BNA’s trusted legal, tax and regulatory content.
The acquisition would significantly grow Bloomberg’s presence in the Washington, DC area through its multiple operating units, Bloomberg News, Bloomberg Government, Bloomberg Law and BNA — which would work together to provide unparalleled coverage and analysis of U.S. policy and regulatory issues for customers.
BNA will benefit from Bloomberg’s technology and data expertise as well as the significant analytical and news reporting resources of the company, including Bloomberg Briefs, Bloomberg Industries and Bloomberg News, among others.

3. What are Bloomberg’s plans for the company?

Bloomberg has tremendous respect for the legacy of BNA, its employees and management team. Following the transaction, it is our intention that BNA would retain its name and remain a stand-alone subsidiary within the Bloomberg family, operating from its current location under existing management. Bloomberg will honor existing contracts and relationships.

4. Do you anticipate any layoffs at Bloomberg or BNA as a result of this acquisition?

We do not anticipate any layoffs at Bloomberg or BNA as a result of this transaction in the short-term. We anticipate gradual, modest consolidation over an extended period to be achieved largely through natural attrition.

5. What does this mean for Bloomberg and BNA customers?

Until the transaction is completed, customers will receive the same products and services they are accustomed to. After the transaction is completed, we will provide more information on how the Bloomberg-BNA combination will benefit customers and affect our combined product offering.

6. How many acquisitions has Bloomberg made in its history?

Previous acquisitions include Businessweek and New Energy Finance in 2009. Bloomberg has also made a few significantly smaller acquisitions.

7. Is this transaction evidence of a newly acquisitive posture at Bloomberg?

No. Going forward, we expect almost all of our growth to be organic. However, when this rare strategic opportunity presented itself, we were enthusiastic to acquire a leading franchise.

8. To what extent was Mike Bloomberg involved in the decision to buy BNA?

Mike Bloomberg reviewed and supported this transaction in accordance with his agreement with New York City that allows him to maintain the type of involvement that is consistent with his being the majority shareholder of Bloomberg.

9. How will BNA and Bloomberg be integrated?

BNA’s culture is at the core of its success, and a significant reason the company is a great fit with Bloomberg. Going forward, Bloomberg will respect and maintain many of the unique attributes that have enabled BNA to build its leading position. At the same time, this is an attractive transaction because of the potential for the combined entity to be greater than the sum of its parts, so we expect Bloomberg and BNA employees to work together over time to produce innovative products and services for our customers.

10. What is required to close the transaction?

The Bloomberg-BNA combination is a two-step transaction. The first step is a tender for all of the outstanding shares of BNA at a price of $39.50 per share in cash.
The acquisition is subject to the terms and conditions set forth in the merger agreement, including a condition that at least a majority of the outstanding BNA Class A Shares are tendered, that the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, has expired or been terminated and other customary conditions.
The second step is a merger. If the offer is successful, Bloomberg will acquire any remaining shares of BNA common stock through the merger of a company created for the purpose of this transaction with and into BNA with BNA continuing as the surviving corporation and becoming a wholly-owned subsidiary of Bloomberg.
If Bloomberg acquires at least 90% of the outstanding Class A Shares in the tender offer, it will be able to effect the merger under the short-form merger provisions of the Delaware General Corporation Law immediately following closing of the Offer.
If Bloomberg doesn’t achieve 90% ownership through the tender offer, Bloomberg would still own sufficient Class A Shares, without the vote of any other holders of Class A Shares, to satisfy the stockholder approval requirement to approve the Merger. In that case, the Merger will close following the mailing of the requisite information statement to BNA stockholders.

11. When is the transaction expected to close?

Bloomberg anticipates that the transaction will close later in 2011, subject to regulatory approvals and successful completion of the Offer and Merger.

12. Are there potential anti-trust concerns? What if any regulators are involved?

The offer may not close unless pre-merger notification and report forms have been filed with the Antitrust Division of the Department of Justice and the Federal Trade Commission and certain waiting period requirements have been satisfied.

13. How confident are Bloomberg and BNA the transaction will go through?

Bloomberg expects that the offer will be successful and that the Merger will be consummated in a reasonable period of time thereafter. Bloomberg believes it is paying a premium for the shares of BNA and believes the BNA stockholders will determine to sell their shares and support the transaction.
Background

14. What is BNA?

BNA was founded in 1929 and has become a trusted information source for labor, tax, and regulatory lawyers as well as for other accounting, government, and academic professionals. BNA’s portfolio of approximately 250 subscription-based information products includes category leaders such as Daily Labor Report, Daily Tax Report, Labor & Employment Law Library, and Tax Management Portfolios. The Company counts amongst its customers the250 largest law firms, 98% of the top 100 accounting firms, 97% of Fortune 500 companies, and a substantial number of large and mid-sized law firms. In law firms alone, BNA serves over 5,500 firms with an estimated 205,000 attorneys. BNA reported revenue of $331 million in 2010. BNA is completely employee-owned, and is headquartered in Arlington, Virginia, where most of its 1,465 employees are located.

15. What is Bloomberg?

Bloomberg, a leading global business and financial news provider, 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 300,000 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 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 employs more than 13,600 people in 185 locations around the world.
The Offer has not yet commenced, and this communication is for informational purposes only and is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares of the common stock of BNA. On the commencement date of the Offer, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed with the United States Securities and Exchange Commission (the “SEC”). The offer to purchase shares of BNA’s common stock will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed with such Schedule TO. INVESTORS AND BNA STOCKHOLDERS ARE STRONGLY ADVISED TO CAREFULLY READ THE TENDER OFFER STATEMENT (INCLUDING THE OFFER TO PURCHASE, THE LETTER OF TRANSMITTAL AND THE RELATED TENDER OFFER DOCUMENTS) AND THE RELATED SOLICITATION/RECOMMENDATION STATEMENT, AS WELL AS ANY AMENDMENTS THERETO AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The tender offer statement will be filed with the SEC by Brass Acquisition Corp. and Bloomberg, and the solicitation/recommendation statement will be filed with the SEC by BNA. Investors and BNA stockholders may obtain a free copy of the tender offer statement, the solicitation/recommendation statement and other documents (when available) filed with the SEC at the SEC’s website at www.sec.gov. The tender offer statement and other documents filed by Brass Acquisition Corp. or Bloomberg may also be obtained free of charge by directing a request by mail to MacKenzie Partners, Inc. at 105 Madison Avenue, New York, New York 10016, by calling toll-free at +1 800-322-2885 or by email to tenderoffer@mackenziepartners.com.

Well, we always hear rumors around the time of AALL that someone is buying BNA (usually Westlaw or Lexis), however, it seems that Bloomberg was the one to actually pull the trigger on this acquisition. I just received this press release on the purchase. (More of my personal comments to come…)

SEE: Q&A about Bloomberg/BNA Acquisition

Bloomberg Enters Agreement to Acquire BNA
Combination Propels Bloomberg’s Expansion into Legal Information Market
and Enhances BNA through Bloomberg’s Data and Technology Expertise
Acquisition Increases Bloomberg’s Presence in Washington Market
NEW YORK and ARLINGTON, Va. – Bloomberg and BNA today announced that they have entered into an agreement for Bloomberg to acquire all of the outstanding shares of BNA for $39.50 per share in a cash tender offer followed by a merger for a total purchase price of approximately $990 million.  The transaction is expected to close in 2011. 
BNA, which is wholly owned by current and former employees, provides important legal, tax and regulatory research and analysis and would become a stand-alone subsidiary of Bloomberg. 
Together, Bloomberg and BNA would form a unique combination of premium content, deep subject matter expertise, proprietary data and world class technological capabilities to provide distinctive products and solutions for professionals and decision makers in law, government, business and finance.
This acquisition would immediately strengthen Bloomberg’s offerings in the legal information market by complementing Bloomberg Law — the only legal research system that fully integrates primary research, dockets, company information and proprietary news — with BNA’s trusted legal, tax and regulatory content.  
In addition, the combination would enhance Bloomberg’s coverage and analysis of tax and accounting, labor and employment, healthcare, intellectual property, and telecommunications issues. 
The acquisition would significantly grow Bloomberg’s presence in the Washington, DC area through its multiple operating units, Bloomberg News, Bloomberg Government, Bloomberg Law and BNA — which would work together to provide unparalleled coverage and analysis of U.S. policy and regulatory issues for customers.    
“BNA’s employees have built a superior franchise and we are enthusiastic about a Bloomberg-BNA combination that will deliver more premium content to our professional audiences,” said Dan Doctoroff, CEO and President of Bloomberg.  “BNA research and analysis will make Bloomberg’s products even more valuable, and BNA would benefit from our data and technology expertise.”
“For more than eight decades, we have provided our subscribers with quality products that allow them to do their jobs more effectively and efficiently,” said Paul N. Wojcik, Chairman and CEO of BNA. “We believe this is the start of a new day, where we will join forces with Bloomberg to extend our premium content to an expanded audience.”
“Bloomberg and BNA share many of the same values, including a commitment to deliver high-quality content to customers, employing highly skilled and experienced workers and offering superior customer service,” said Peter Grauer, Chairman of Bloomberg.  “We look forward to welcoming them to the Bloomberg family.”
The tender offer is expected to commence by September 8, 2011.  The acquisition is subject to the terms and conditions set forth in the merger agreement, including a condition that at least a majority of the outstanding BNA Class A Shares are tendered, that the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, has expired or been terminated and other customary conditions.  If the tender offer is completed, untendered shares of BNA are expected to be converted in the subsequent merger into the right to receive the same US$39.50 per share price paid in the tender offer.
The Offer has not yet commenced, and this communication is for informational purposes only and is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares of the common stock of BNA. On the commencement date of the Offer, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed with the United States Securities and Exchange Commission (the “SEC”). The offer to purchase shares of BNA’s common stock will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed with such Schedule TO. INVESTORS AND BNA STOCKHOLDERS ARE STRONGLY ADVISED TO CAREFULLY READ THE TENDER OFFER STATEMENT (INCLUDING THE OFFER TO PURCHASE, THE LETTER OF TRANSMITTAL AND THE RELATED TENDER OFFER DOCUMENTS) AND THE RELATED SOLICITATION/RECOMMENDATION STATEMENT, AS WELL AS ANY AMENDMENTS THERETO AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The tender offer statement will be filed with the SEC by Brass Acquisition Corp. and Bloomberg, and the solicitation/recommendation statement will be filed with the SEC by BNA.  Investors and BNA stockholders may obtain a free copy of the tender offer statement, the solicitation/recommendation statement and other documents (when available) filed with the SEC at the SEC’s website at www.sec.gov.  The tender offer statement and other documents filed by Brass Acquisition Corp. or Bloomberg may also be obtained free of charge by directing a request by mail to MacKenzie Partners, Inc. at 105 Madison Avenue, New York, New York 10016, by calling toll-free at +1 800-322-2885 or by email to tenderoffer@mackenziepartners.com.
More information about the transaction is attached to this email and available on Bloomberg and BNA’s websites at:
About Bloomberg
Bloomberg, a leader in global business and financial information and news, 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 300,000 subscribers globally. Bloomberg’s enterprise solutions build on the company’s core strength, using technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. Through Bloomberg Law, Bloomberg Government 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 employs more than 13,000 people in 185 locations around the world.
About BNA
BNA is the largest independent publisher of news, analysis, and reference products for
professionals. Delivering specialized information to business, legal, and government professionals at every level of expertise, BNA produces more than 300 news and information services, including the highly respected Daily Labor Report, U.S. Law Week, and Daily Report for Executives.  For more information, visit bna.com.
About Bloomberg Law
Bloomberg Law is the first real-time legal research system that integrates innovative search technology, comprehensive legal content, company and client information, and proprietary news all in one place. This collaborative workspace also includes a suite of new tools for more effective legal analysis and more productive client development. For more information, visit BloombergLaw.com.
About Bloomberg Government
Bloomberg Government is the single source for professionals who need to
understand the business impacts of government actions so they can work quickly, decisively and effectively. This comprehensive, subscription-based, online tool collects best-in-class data, provides high-end analysis and analytic tools, and delivers deep, reliable, timely and unbiased reporting from a team of more than 2,300 journalists and multimedia specialists worldwide.  For more information, visit BGov.com.
Forward Looking Statements
This announcement contains forward-looking statements relating to the potential acquisition of BNA by Bloomberg Inc. These forward-looking statements are made within the meaning of and pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The actual results of the acquisition could vary materially as a result of a number of factors, including: uncertainties as to how many of BNA’s stockholders will tender their stock in the offer; the possibility that competing offers will be made; and the possibility that various closing conditions for the transaction may not be satisfied or waived. Other factors that may cause actual results to differ materially include those set forth in the reports that BNA files from time to time with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2011 and quarterly and current reports on Form 10-Q and 8-K. These forward-looking statements reflect BNA’s expectations as of the date of this announcement. BNA undertakes no obligation to update the information provided herein.
# # #
Media contact:
Ty Trippet
Bloomberg L.P.
+1.212.617.2443 – office
ttrippet@bloomberg.net