Search press announcements

Bloomberg-BNA Transaction Expected To Close Friday, September 30

September 29, 2011

Press Release

Bloomberg and BNA Will Form a Unique Combination of Premium
Content, Deep Subject Matter Expertise, Propriety Data and World
Class Technological Capabilities

New York, NY — Bloomberg announced today the acquisition of a
majority interest in The Bureau of National Affairs, Inc. (BNA)
as a result of the completion of the cash tender offer by
Bloomberg’s wholly-owned subsidiary, Brass Acquisition Corp.,
for all of the outstanding shares of common stock of BNA for
$39.50 per share.

Together, Bloomberg and BNA will form a unique combination of
premium content, deep subject matter expertise, proprietary data
and world class technological capabilities to provide
distinctive products and solutions for professionals and
decision makers in law, government, business and finance.

The tender offer period expired at 12:00 midnight, New York City
time, on Wednesday, September 28, 2011. The depositary for the
tender offer has indicated that as of that time, approximately
9,221,471 Class A shares, 14,646,962 Class B shares and 6,450
Class C shares had been validly tendered and not properly
withdrawn. Such tendered shares constitute approximately 95% of
the outstanding shares and approximately 96% of the Class A
shares. All validly tendered shares have been accepted for
payment in accordance with the terms of the offer.

As a result of the offer, Bloomberg’s subsidiary has acquired a
sufficient percentage of the outstanding Class A shares to
complete the acquisition of BNA on Friday, September 30, 2011,
through the short form merger provisions of Delaware law. The
acquisition will be completed by merging the Bloomberg
subsidiary with and into BNA, with BNA as the surviving
corporation. As a result of the merger, each BNA share (other
than shares held in the treasury of BNA and any shares held by
Bloomberg or any direct or indirect subsidiary of Bloomberg and
any shares held by any person who is entitled to and properly
exercises appraisal of such shares under Delaware law) will be
cancelled and converted into the right to receive the offer
price of $39.50 per share. After the merger, BNA will be an
indirect, wholly-owned subsidiary of Bloomberg Inc., the Class A
shares will no longer be registered under the Securities
Exchange Act of 1934, as amended, and BNA will no longer have
public reporting obligations.

About Bloomberg

Bloomberg, the global business and financial information and
news leader, gives influential decision makers a critical edge
by connecting them to a dynamic network of information, people
and ideas. The company’s strength – delivering data, news and
analytics through innovative technology, quickly and accurately
– is at the core of the Bloomberg Professional service, which
provides real time financial information to more than 310,000
subscribers globally. Bloomberg’s enterprise solutions build on
the company’s core strength, leveraging technology to allow
customers to access, integrate, distribute and manage data and
information across organizations more efficiently and
effectively. Through Bloomberg Law, Bloomberg Government and
Bloomberg New Energy Finance, the company provides data, news
and analytics to decision makers in industries beyond finance.
And Bloomberg News, delivered through the Bloomberg Professional
service, television, radio, mobile, the Internet and two
magazines, Bloomberg Businessweek and Bloomberg Markets, covers
the world with more than 2,300 news and multimedia professionals
at 146 bureaus in 72 countries. Headquartered in New York,
Bloomberg employs more than 13,000 people in 185 locations
around the world.

About BNA

BNA is the largest independent publisher of news, analysis, and
reference products for professionals. Delivering specialized
information to business, legal, and government professionals at
every level of expertise, BNA produces more than 300 news and
information services, including the highly respected Daily Labor
Report, U.S. Law Week, and Daily Report for Executives. For
more information, visit

More information about the transaction is available on
Bloomberg’s website at:

Forward Looking Statements

This announcement contains forward-looking statements relating
to the potential acquisition of BNA by Bloomberg Inc. These
forward-looking statements are made within the meaning of and
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.

Media Contact for Bloomberg:

Ty Trippet, +1.212.617.2443,