HARCOURT<HBJ> CHIEF SAYS MANAGERS ARE CONFIDENT
Harcourt Brace Jovanovich Inc
managers who use a special cash dividend to buy additional
stock are demonstrating confidence in the company, chairman
William Jovanovich said.
    In a written statement Jovanovich said the company's
recapitalization, which will pay a dividend of 40 dlrs per
share in cash and preferred stock worth 10 dlrs per share, is
not a leveraged buyout.
    He said management of Harcourt is not receiving shares in
the recapitalization other than through a legal employee stock
ownership program.
 
 Reuter
