Hodder & Stoughton set to take over publishing group Quercus
PUBLISHING group Quercus is being taken over by a subsidiary of Hachette, two months after putting itself up for sale.
The publisher of The Girl with the Dragon Tattoo will become part of the Hodder & Stoughton imprint once the 60p per share takeover completes.
The offer is more than double Quercus’ share price in January, when the ISDX-listed firm put itself on the market following a “significant trading loss” in 2013.
“In today’s highly competitive and technological world, Quercus’ board believes that publishers will best fulfil their potential by being part of a larger and more diverse group,” said chairman David Potter.
Investors holding 65.67 per cent of Quercus’ shares have already agreed to sell out and Livingstone Partners, which has been running the sale process, said the offer was fair. Trillium Partners is advising Hachette.
The takeover is expected to complete in June.