Information Industry--divine Information Industry--EBSCO Orginally Posted to ResourceShelf Saturday Afternoon "EBSCO to Acquire Operations of RoweCom WORLDWIDE"
From the announcement, "The proposed transaction was also endorsed by the steering committee of the ad-hoc group of publishers and library customers of RoweCom. The committee, including the publisher members the American Institute of Physics, the Association of Learned & Professional Society Publishers, Elsevier, Oxford University Press and Wiley, will endeavor to expand the group of publishers supporting this transaction as they believe the contemplated agreement is a significant step forward for customers and publishers". Also from the news release: What does this mean for RoweCom customers and publishers if the transaction is completed?
For customers of RoweCom's European operations, all orders placed with RoweCom will be fulfilled. The parties intend to execute definitive purchase documents within 10 days subject to French regulatory filings as required by French law. divine has agreed to provide working capital funding for RoweCom's European operations in the interim. Once the transaction receives French regulatory approval and the transaction closes, EBSCO will remit payment to publishers in full. Until that time, EBSCO is asking publishers to continue to fulfill subscriptions. EBSCO has already secured participation from the majority of the publishers and is optimistic the remaining publishers will agree, now that the situation appears to be clarified. For customers of RoweCom operations outside Europe (i.e., U.S., Canada, Australia, etc.), there are basically three situations:
* For a customer who has paid RoweCom and RoweCom has forwarded this payment on to the publishers, the customer will receive journals from the publishers. For a customer who has not paid RoweCom, the customer will receive their journals once orders are confirmed to EBSCO. Upon confirmation, EBSCO will make the appropriate payment to publishers.
* For a customer who has paid RoweCom and RoweCom has not forwarded this payment to the publishers, the customer will receive journals from publishers who participate in this transaction. See Also: MUCH MORE Via Paula Hane's Info Today News Break Article See Also: Open Letter From Rowecom Creditor Group (via ManagingInformation.Com)
-- See Also: "Swets Blackwell Withdraws its Bid for divine�s RoweCom Business" See Also: "Extent and ramifications of Rowecom financial problems" (via Managing Information) See Also: The 12/20/02 Announcement the EBSCO See Also: Additional Resourceshelf Coverage of the divine Story
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