As part of its ongoing Growth and Value Plan to generate shareholder value, The McGraw-Hill Companies' Board of Directors today approved a special dividend in the amount of $2.50 per share on the Corporation's common stock, payable on December 27, 2012 to shareholders of record on December 18, 2012. This special dividend payment supersedes the Company's previously announced plans to repurchase up to $200 million of stock during the remainder of the year.
McGraw-Hill announced on November 26, 2012 that it had signed a definitive agreement to sell its McGraw-Hill Education business to investment funds affiliated with Apollo Global Management, LLC for $2.5 billion, subject to certain closing adjustments. The Company plans to use the proceeds of the sale, combined with the ongoing operating cash generated from its business, to sustain its share repurchase program, to make selective tuck-in acquisitions that enhance its portfolio of powerful brands and to pay off any short-term borrowing obligations. The transaction is expected to close in early 2013, subject to regulatory approval and customary closing conditions.
This special dividend is in addition to the regular quarterly dividend payment that will be paid on December 12, 2012 to shareholders of record on November 28, 2012.
Most Popular Stories
- Fantasy Football Gambling Industry Facing Increased Legal Scrutiny
- As States Legalize Pot, Will Traffic Deaths Rise?
- NATO Plans High-Readiness Force to Counter Russia
- Obama Promoting Economic Gains As Elections Near
- 'Guardians of the Galaxy' Conquers the North American Box Office with $16.3M
- GE Capital and Petters-Related Fund in Legal Battle
- California Conservation Conundrum: Water Use Varies Greatly Across State
- Combating Online Abuse Not Easy for Gamers
- Even With Surly 2014 Electorate, It's 'Still an Incumbent's World'
- Feds Want Nuclear Waste Train, but Nowhere to Go