MAXWELL WOULD NOT RENEW BID IF SUIT FAILS
British press magnate Robert Maxwell said
his British Printing and Communication Corp Plc would not renew
its bid for Harcourt Brace Jovanovich Inc <HBJ> if the lawsuit
filed against Harcourt in New York today fails.
    Speaking at a press conference, Maxwell denied market
rumors that British Printing had approached British
institutions to arrange a rights issue with a view to
relaunching its bid for the U.S. publishing concern.
    "I don't believe in chasing mirages," maxwell said.
    British Printing filed suit in U.S. District Court in
Manhattan to block what Maxwell called a fraudulent
recapitalization announced by Harcourt last week.
    Harcourt, in response to a hostile two billion dlr takeover
proposal from Maxwell, planned a recapitalization that would
pay shareholders 40 dlrs per share. Under the plan, it also
said 40 pct of its shares will be controlled by its employees,
management, and its financial adviser, First Boston Corp <FBC>.
 Reuter
