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Faxon Press Release Birdie MacLennan 09 Aug 1994 16:17 UTC

The following press release was confirmed for us, earlier this morning,
by Terry Wilson at Faxon: 617-329-3350, ext. 764.

With this press release, the SERIALST editors are rescinding
our July 27 statement which noted we would not post messages
related to libraries' actions in light of the Faxon sale.
(Although we will still exercise editorial judgment in what
we post).

Birdie MacLennan, SERIALST Listowner/Moderator
Ann Ercelawn, SERIALST Associate Moderator
Marcia Tuttle, SERIALST Associate Moderator

8 August 1994

The Faxon Company, Inc.
15 Southwest Park
Westwood, MA  02090-1585


Faxon to Sell Remaining non-US Operations to EBSCO Industries, Inc.

August 8, Westwood, MA - The Faxon Company announced today that it has
entered into an agreement with EBSCO Industries, Inc. of Birmingham,
Alabama, to purchase the balance of its non-US worldwide operations
excluding Europe, as well as the Turner Subscription Agency.  EBSCO
anticipates completing its due diligence in a short period of time
before closing the sale.  Faxon has elected not to accept R. R.
Donnelley and Sons' offer to purchase the company.

According to the majority shareholder, Judy Davis, 'Faxon received
numerous offers for various parts of the company.  We are pleased to
accept EBSCO's offer to purchase Faxon's remaining non-US operations and
The Turner Subscription Agency.'

In a separate transaction, Faxon completed last week the sale of its
European subsidiaries to Swets & Zeitlinger B.V. of Lisse, The

'With the completion of these two transactions, Faxon will be in a
strong position to ensure continued stability for its core business in
the United States.  We look forward to continuing our long history of
quality service to the library community,' continued Davis."