Macmillan Group seeks new owners for Grove (fwd)

[Ann Okerson <ann.okerson@yale.edu>]

Date: Thu, 23 Jan 2003 10:26:31 +0000 (GMT+00:00)
From: grove@mopuk.com
To: subscribers@macmillan.com
Subject: Macmillan Group seeks new owners for Grove

Macmillan Group seeks new owners for Grove

The Macmillan Group has announced a new, tightly focused global strategy
for its scholarly publishing businesses which has necessitated the
divestment of the prestigious portfolio of Grove reference products in Art
and Music.

Following a strategic review of its global scholarly publishing
businesses, the Macmillan group has decided to focus investment on its
established areas of strength in Social Sciences, Humanities and Business,
where it can derive benefit across textbook, monograph, journal and
reference publishing.

It has been acknowledged that Art and Music, despite the enduring quality
and development potential of the Grove stable, do not fit adequately with
the rest of the group�s scholarly publishing program.

The Macmillan Group is therefore seeking a new owner for the Grove stable
of reference products, which, it is hoped, will be able to build on the
excellent foundations established over 150 years. It is currently in
discussion with several interested third parties regarding a sale.

Grove has been part of the Macmillan group of companies for over a
century. Richard Charkin, Chief Executive of Macmillan, comments:

�This is an important decision and we will be doing our utmost to ensure a
smooth transition to the new owners in order to ensure that Grove thrives
in its new home�.