Acquisition

RNS Number:9981N
Taylor & Francis Group PLC
28 July 2003


28 July 2003


               Acquisition of Frank Cass & Co Limited Strengthens

                   Social Sciences and Humanities Portfolios


Taylor & Francis Group plc ("Taylor & Francis", "Group"), the leading specialist
publisher of scientific, academic and professional books and journals, announced
today that it has acquired Frank Cass & Co Limited ("Cass" or the "Company"), a
London based journal and book publisher specialising in the social sciences and
humanities subject areas.

The initial cash consideration is #9.5 million, plus an amount equal to the
Company's cash balances at completion to the extent of distributable reserves,
which are estimated at #1.8 million.  A further consideration of up to #3.7
million could be payable provided certain performance targets are achieved by
the Company over the next two years.

Founded by Frank Cass in 1957, the Company is a leading publisher of academic
journals and books in the specialist areas of politics, international relations,
history, sports studies, military science and development studies.  Cass
publishes more than 60 journals and 100 new book titles per year and has a
backlist of more than 2,000 book titles. Cass' turnover for the year ended 30
June 2002 was #3.8 million, producing a profit before tax of #0.4 million.  Net
assets at 30 June 2002 were #1.3 million. Around 70% of revenues are generated
from journal sales and 30% from book sales.

The Cass titles will complement the Group's existing social sciences and
humanities portfolios.  The Cass publications have good growth potential as part
of a larger group and will benefit from Taylor & Francis' international customer
base and its traditional and electronic publishing expertise.  As a result of
these factors and natural economies of scale, it is expected that the
acquisition will be earnings enhancing in its first full year of the Group's
ownership*.

The acquisition of the Cass titles is consistent with Taylor & Francis' stated
strategy of growing its portfolio of "must have" information through
well-planned organic development and selected earnings enhancing acquisitions.
Following the acquisition Taylor & Francis will publish approximately 860
journals, 2,400 new book titles per year and have a backlist of over 28,000 book
titles.

Commenting on the acquisition David Smith, Chief Executive of Taylor & Francis
Group plc said:

"The high quality Cass titles will complement our existing social sciences and
humanities lists, making a good fit with Taylor & Francis and the addition of
more than 60 journals to the Taylor & Francis portfolio is particularly
attractive. I am also pleased that the principal vendors, Frank Cass, Stewart
Cass and Hayley Cass will continue in the business."

"The acquisition of Cass is consistent with our stated strategy of growing our
business through a combination of organic growth and earnings enhancing
acquisitions. In the last five years we have acquired and successfully
integrated nine businesses. This not only demonstrates our ability to identify,
acquire and integrate companies, it also reflects the fragmented nature of the
STM publishing market segment where we continue to examine a number of
opportunities."

Frank Cass, the business' founder, added:

"Over the years we have received regular approaches from publishers both in the
UK and USA but until now have preferred to develop as an independent publisher.
Having enjoyed cordial competitive relationships with the Taylor & Francis Group
over many years, and considering the complementary nature of our book and
journal publishing, we decided to accept the offer to join the Taylor & Francis
Group, who we consider to be the best partner to sustain and enhance the quality
of service, reach and commitment that our authors and customers expect.  I am
delighted that we were able to reach agreement and look forward to playing an
active role in the integration of the Company and the continued development of
the business within the Taylor & Francis Group."



                                      ENDS


For further information, please contact:

Taylor & Francis Group plc                             020 7583 9855
David Smith, Group Chief Executive
Anthony Foye, Group Finance Director

Financial Dynamics                                     020 7831 3113
Tim Spratt


* The statement that the acquisition is expected to be earnings enhancing in the
first full year of the Group's ownership does not constitute a profit forecast
and should not be interpreted to mean that the earnings per share in the
financial year commencing 1 January 2003 or in any subsequent period will
necessarily match or be greater than those for the relevant preceding financial
period.



                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

ACQRAMRTMMMTBTJ