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Kennedy Information Owner BNA Subsidiaries Emerges from Bankruptcy; BNA Agrees to be Acquired by Bloomberg

MR - Bloomberg has agreed to acquire Kennedy Information parent, the Bureau of National Affairs (BNA), for $39.50 per share in a cash deal valued at around $990 million. The transaction is expected to be completed before the end of the year. BNA appears to have taken BNA Subsidiaries into bankruptcy as a pre-condition to the Bloomberg transaction. The reorganized company, now re-named Kennedy Information LLC, emerged from bankruptcy with a final decree closing the Chapter 11 case on 25 August, the day the Bloomberg-BNA deal was announced. Bloomberg says it will make BNA a stand-alone subsidiary run by its current management. No layoffs at either company are anticipated in the short-term, but they expect reductions through attrition over time. BNA Subs had been facing a class action lawsuit asserting an estimated $15 million in claims. That case was dismissed with prejudice in a federal case related to the Bankruptcy on 15 July. Research Note includes various court filings and orders. (825 words) . . . (to read the remainder of this article, please log in below.)
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