HOW-to book series `For Dummies' sold to John Wiley & Sons for $90 million in cash
Monday, August 13th 2001, 12:00 am
By: News On 6
NEW YORK (AP) _ John Wiley & Sons Inc. reached an agreement Monday to purchase Hungry Minds Inc., the publisher of the ``For Dummies'' series, for $90 million in cash.
Wiley will offer shareholders $6.09 per share and assume $92.5 million in debt, Hungry Minds said in a statement. Following regulatory approval, the companies expect the deal to be completed by September.
The ``Dummies'' series was started 10 years ago with computer and software guides for everyday users. The bright yellow and black books grew to encompass everything from ``Italian Cooking For Dummies'' to ``Weight Training For Dummies'' to ``Sex For Dummies.''
The proposed deal would save Hungry Minds from a deadline creditors set for Wednesday, said The New York Times, which reported Monday that a deal was close between the two companies. Hungry Minds announced in March that it was putting itself up for sale as part of an agreement to pay off debts.
The New York-based Wiley publishes scientific, technical and medical journals.
Shares of Hungry Minds closed Friday at $6.90 on the Nasdaq Stock Market.