RC2 cans publishing purchase

RC2 has pulled out of a deal to purchase a children's publishing house because of the current economic situation.
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The firm says due to adverse capital markets it will not proceed with the purchase of the Children’s Publishing Division (CPD) of privately held Publications International.

Curt Stoelting, CEO of RC2 said, “We are disappointed not to be moving ahead with this acquisition. Recent shifts in the capital markets have impacted the availability of capital and increased the cost of financing. High financing costs coupled with other restrictive terms and conditions precluded us from structuring a transaction with the proper levels of operating and financial flexibility.

“We hope to revisit this acquisition when the economic environment and capital markets show improvement. We continue to believe that combinations like the CPD purchase fit with our long-term strategic plan to complete synergistic acquisitions which strengthen and diversify RC2’s business.”

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