National

Pro Rata

Axios Pro Rata

Textbook publishers Cengage and McGraw-Hill on Monday announced the termination of their proposed $5 billion merger, which was originally announced in May 2019.

The bottom line: Lots of M&A deals are being canceled because of the coronavirus, but this one was felled by federal antitrust opposition. The two companies and regulators were unable to agree on what divestitures would be required to gain deal approval.

Textbook mega-merger called off

This one was felled by antitrust concerns, not the coronavirus.

Illustration of a hand reaching out for a hand shake with another hand making a stop gesture. 

Business

Mergers and acquisitions

Media

Textbook publishers Cengage and McGraw-Hill on Monday announced the termination of their proposed $5 billion merger, which was originally announced in May 2019.The bottom line: Lots of M&amp;A deals are being canceled because of the coronavirus, but this one was felled by federal antitrust opposition. The two companies and regulators were unable to agree on what divestitures would be required to gain deal approval.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Textbook mega-merger called off

Go deeper