Creating a Total Package to Compete with Wolters
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August 26, 2011 Creating a Total Package to Compete with Wolters Kluwer in the 21st Century: BLaw+BNA and BGov+BNA in the Specialist Law, Regulatory and Business MarketplaceAssuming a majority of BNA former and current employee-shareholders tender their shares, an assumption that must take into account that many current employees are union-represented, Bloomberg, a company not known for acquiring other companies, will have made its largest acquisition in its history. The $990 million price tag represents 3 times BNA's 2010 revenue of $331 million and a whooping 36 times BNA's 2010 net income of $27.61 million. The share buy-back price for BNA employees and retirees during the Company's most recent opportunity was $17.50. Bloomberg's tender offer share price is $39.50. You can do the math. Should BNA shareholders take the offer made by privately owned Bloomberg? No publicly owned company could or will offer a better premium.
The major media and financial press correctly calls the obvious -- the acquisition of BNA by Bloomberg will beef up Bloomberg Law's legal publishing business. Most, however, point to enhancing BLaw's competitiveness with WEXIS by this acquisition. I don't think so , at least not yet, at least not by this acquisition.
WEXIS is competing in the generalist legal market. BLaw+BNA will offer serious competition to Wolters Kluwer in the premium legal market, that niche market, albeit a large one willing to pay for quality, which offers specialized produces and services to legal, regulatory and business consumers over and above what WEXIS offers. We've always had this bifurcation and now Wolters Kluwer vs. BLaw+BNA.
Whether BLaw likes it or not, and based on conversations with BLaw execs, "not" in terms of characterization, my sense is BLaw's online legal service is primarily viewed by BLaw's current user pop as a premium, specialist service by business and law consumers, a market niche. Like it or not and based on official statements and private conversations with BLaw execs, "not," secondary legal content in print, online and eBooks was needed for BLaw to be a full-fledged player in this market. Bloomberg's tender offer for BNA indicates it has recognized this. Why reinvent the wheel when you can acquire a company that has the catalog and the brand strength needed?
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