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Ebsco on Schedule for RoweCom TakeoverEbsco Industries, the Birmingham, Alabama–based journal subscription agency, announced February 6 that it was close to acquiring the worldwide operations of RoweCom/Divine Information Services, which has filed for bankruptcy. Earlier in the week, Ebsco reported that a definitive agreement to acquire RoweCom’s European offices was signed, although it awaited final approval by French antitrust authorities. The second step in the acquisition process involves an agreement to take over RoweCom operations in North America and Australasia. The Ebsco release stated that “due diligence is essentially complete and drafting of final purchase documents has commenced.” The company expected that customers would continue to be supported by existing RoweCom customer-support staff. More details of the agreement are expected by the last week of February. On behalf of an ad hoc committee of publishers and library customers of RoweCom, Ohio University Collections Development Coordinator Kent Mulliner said, “We appreciate the efforts of Ebsco and believe that, if the proposed sales are consummated on the terms currently contemplated, they will form the foundation for maximizing recoveries to creditors of RoweCom—recoveries which would include not only the purchase price to be paid, but the value of Ebsco’s commitment to maintain and service the accounts of RoweCom customers.” The American Library Association has filed an application to join a creditors’ committee established by the U.S. Bankruptcy Court in Boston, and it pledged to lend its support to all libraries that have been affected by RoweCom’s financial failure but are unable to attend the February 27 meeting of the committee. Posted February 10, 2003. |
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