The Thomson Corporation and Information Holdings Inc., a provider of intellectual property (IP) and regulatory information for the scientific, legal, and corporate markets, have signed a definitive merger agreement under which Thomson will acquire IHI. Thomson has also announced that United Press International has added UPI content into Thomson Gale's online databases.
Under the terms of the Thomson and IHI agreement, a Thomson subsidiary will acquire all of the outstanding common stock of IHI at a price of $28 per share in cash, for an aggregate cost of approximately $441 million, net of cash and investments currently held by IHI. The IHI Board of Directors has unanimously approved the agreement and stockholders owning approximately 40% of IHI's outstanding common stock have agreed to vote in favor of the transaction. The transaction is expected to close later this year and is subject to approval by IHI's stockholders and regulatory authorities and the satisfaction of other customary closing conditions. Morgan Stanley acted as financial advisor to IHI. Bear, Stearns Co. Inc. acted as financial advisor to Thomson. The acquisition is expected to be dilutive to Thomson by approximately $0.01 per share in 2004 and 2005. In connection with the Merger, IHI will be filing a proxy statement and other relevant documents concerning the transaction with the Securities and Exchange Commission (SEC).
United Press International has announced the addition of UPI content into Thomson Gale's online databases. This summer, Thomson Gale subscribers will have access to all of UPI's English and Spanish content. English content includes UPI Perspectives, analytical articles that offer behind-the-scenes insight and understanding of the news, and UPI NewsTrack, items that provide a snapshot of the day's news, science, entertainment, sports, and business stories. Spanish content additions will include the UPI LatAm News Service and the UPI Chile News Service. UPI LatAm provides news and analysis of the major international stories that impact the Spanish-speaking world, focusing on the affairs of Latin America and the United States. The UPI Chile service covers the domestic affairs of Chile, where UPI has had a local bureau for more than 40 years.
(www.gale.com; www.thomson.com; www.thomson.com/scientific; www.upi.com)