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Stock of Textbook Publisher Houghton Mifflin Rises on News of Possible Sale.
Knight Ridder/Tribune Business News, May, 2001
By Peter J. Howe, The Boston Globe Knight Ridder/Tribune Business News
May 23--Shares of Houghton Mifflin Co., the money-losing textbook publisher, jumped 7.5 percent yesterday following a report that a major European media company wants to buy the Boston company for $1.7 billion in cash.
The Wall Street Journal reported that Paris-based Vivendi Universal SA was in talks to buy Houghton Mifflin in a cash deal worth $60 a share.
Houghton Mifflin shares rose $3.95 to $57.45 in New York Stock Exchange trading as more than 2 million shares changed hands. The shares have risen steadily this month after trading under $45 for most of the spring.
The publishing company issued a terse statement that it never comments on "market rumor...
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