Bid to topple Blackwell board

Toby Blackwell, who says he controls more than half the shares of family firm Blackwell Publishing, is still determined to sell the company for about £400m, with rival publishers said to be lining up.

But his nephew, Nigel Blackwell, the chairman of Blackwell Publishing, wants to keep the academic publisher as an independent entity for two or three years, and then float it on the London Stock Exchange.

Now insiders say Toby Blackwell is prepared to use the shareholding he controls to topple the board in order to get his way.

A simple majority is all that is needed to oust the present directors.

He personally owns 30.1 per cent of the shares. Another 9.1 per cent are owned by the retail arm of the Blackwell empire, Blackwell Ltd, which he controls. On top of that, he has the support of a group of minority shareholders, who between them own 12.5 per cent.

Toby's son Philip, who is chairman of Blackwell Ltd and a member of the board of Blackwell Publishing, owns about 5.3 per cent.

The attempt to topple Blackwell Publishing's board will begin on January 24 at a board meeting of Blackwell Ltd, which owns 70 bookshops nationwide including the famous shop in Broad Street, Oxford.

Toby Blackwell will ask for support in selling off the publishing arm of the family business.

His spokesman said: "He wants to sell the business in a trade sale because Blackwell Publishing is a medium-sized concern in a world of big boys.

"There have been expressions of interest in buying the company from ten potential buyers. The firm could realise a very good price now during this unparralleled window of opportunity.

"The situation may not be as good as this in three or four years time."

He added the minority shareholders were anxious to realise the money tied up in their shares.

Among publishers believed to be interested in buying Blackwell Publishing are Taylor & Francis, Bertelsmann, Wolters Kluwer and Reed Elsevier.