Swets Blackwell Backs Out of
Divine/RoweCom Acquisition
Netherlands-based subscription agency Swets Blackwell announced January 24 that it has withdrawn its bid to acquire the failed Divine Information Services (RoweCom) business. The company reached the decision after it became clear that its key conditions, including the resolution of at least $50 million in prepayments and the ability to offer customers uninterrupted service, would not be met by parent company Divine.
Swets Commercial Director Steven Hartman stated, “During two months of intense discussions and preliminary due diligence, DIS and other stakeholders have not been able to make sufficient progress for us to ensure a clear resolution for DIS customers.”
Hartman added that his company would focus on finding solutions for former Divine customers “who are suffering the ill effects of these very unpleasant developments in our industry.”
Posted January 27, 2003.
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