Facebook Hodder & Stoughton, part of Hachette Book Group, has made a bid for indie publisher Quercus for £12.6 million in cash. A deal should be ready by the end of April and finalized in May.
In a way, it’s the best-case scenario for a publisher in dire straights. Quercus will remain a “distinct division” of the company, though employees will move into the Hachette office. The company will have a distinct editorial voice and will continue working with its authors. Quercus includes MacLehose Press, Jo Fletcher Books, and Heron Books.
The Bookseller reports Quercus shareholders will be entitled to receive 60p per share. PW quoted a “former money man” who determined it was a “generous” offer, since shares fell to 50p in early January. It’s less than Quercus had hoped, and it’s nowhere near the size of the deal Facebook made with Oculus, but the shareholders will get out of there with a reasonable sum.
During the Stieg Larsson craze, in January 2010, shares peaked at 152.08p, but the company has been having a rough time since then. The company hit an eleven-year low in 2013, and Quercus went up for sale in January. Rumors circulated that Orion (also part of Hachette), Head …read more

Via: Melville House Books