Bloomberg To Pick Up BNA For $990M

Law360, New York (August 25, 2011, 1:21 PM EDT) -- Bloomberg LP announced Thursday that it would buy The Bureau of National Affairs Inc. for $990 million in a blockbuster media deal that would see BNA become a stand-alone subsidiary of the business news giant.

The companies reached an agreement under which Bloomberg will pick up all outstanding BNA shares at $39.50 apiece in a cash tender offer followed by a merger. The target legal, tax and regulatory news service is wholly owned by current and former employees.

“Together, Bloomberg and BNA would form a unique...
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