HARCOURT BRACE <HBJ> SETS HARPER <HPR> DEADLINE
Harcourt Brace Jovanovich Inc
said it has told Harper and Row Publishers Inc representatives
that it intends to withdraw its proposal to acquire Harper and
Row for 50 dlrs per share in cash if the parties have not made
satisfactory progress in discussions by the close of business
on March 30.
    Harcourt Brace said, "We do not wish to put undue pressure
on Harper and Row, but we also, in fairness to our own
shareholders, cannot allow an offer of such magnitude to lie on
the table too long."
    Harcourt said three of its senior officers and its
investment bankers met yesterday with investment bankers for
Harper and Row to discuss the Harcourt Brace offer.
    Harcourt Brace said it will only pursue the acquisition if
a mutually-satisfactory merger agreement can be negotiated.
    Last week, a group formed by Theodore Cross offered to
acquire Harper and Row for 34 dlrs per share.  The group held
about six pct of Harper and Row.
    In addition, New World Pictures Ltd <NWP>, holder of 4.5
pct of Harper and Row, had offered to discuss a merger with
Harper and Row.
 Reuter
