According to documents filed with the SEC, BNA's board opted for selling the company to Bloomberg because two other bidders would have faced anti-trust issues that probably would have taken longer to resolve. The cash tender offer expires at midnight New York time on September 28.
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BNA Deal Clears Anti-Trust
The proposed acquisition of the Bureau of National Affairs has cleared an anti-trust hurdle. The companies announced they have received early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Bloomberg can continue with a $39.50 per share tender offer to purchase BNA for about $990 million.
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