Savvas Learning Company Acquires Pointful Education

InnerWorkings, Inc. and HH Global Group Limited announced that they have signed a definitive agreement to combine operations. Under the terms of the agreement, HH Global will acquire InnerWorkings for $3.00 per share in an all-cash transaction representing approximately $177 million in equity value. This represents a premium of 127% to the closing price, and a premium of 104% to the 90-day volume weighted average price as of July 15, 2020. The transaction has been unanimously approved by the Boards of Directors of both companies. “Over the past several months, we’ve been taking actions to put InnerWorkings in the best position to weather the challenging environment in which we’re operating,” said Rich Stoddart, Chief Executive Officer of InnerWorkings. “In these times of significant economic uncertainty, the Board of Directors and management determined to undertake a comprehensive process to preserve and enhance value for shareholders. After exploring a range of financing and strategic alternatives, and implementing meaningful cost saving measures in response to the COVID-19 pandemic, we’re confident this combination represents the best path forward for our shareholders and InnerWorkings. In addition to delivering an immediate cash premium to our shareholders, the combination will create a company with a stronger balance sheet and will enhance our ability to accelerate our transformation and serve our client base.”

Unit sales of print books rose a remarkable 29.2% in the first quarter of 2021 over the same period in 2020 at outlets that report to NPD BookScan. Though some of that gain was due to the slump in sales that occurred in mid-March last year, most of the increase was due to the surge in book buying that began last spring and carried over into 2021. All six major categories tracked by BookScan had double-digit increases, and all four print formats posted gains. Units rose 24.6% in adult nonfiction, the industry’s largest category. Sales in the home and gardening subcategory, which began to take off late last April, remained strong into the first quarter of 2021, up 54.1% in the period. Sales of general nonfiction increased 44.7%, while sales in the self-help and biography/autobiography/memoir areas rose 38.8% and 35.7%, respectively. The long-awaited revival in travel books has not arrived yet, with unit sales down nearly 25%. Print sales of adult fiction increased 34.7% in the quarter. Graphic novels led the way, with sales soaring almost 146%. Big gains were also seen in fantasy (up 48.4%), science fiction (40.6%), and romance (29.9%).

The Postal Regulatory Commission marks 50 years of public service in its mission to ensure transparency and accountability of one of our Nation’s most valued treasures rooted in the Constitution — the U.S. Postal Service. President Richard M. Nixon signed into law the Postal Reorganization Act of 1970 on August 12 of that year. This momentous legislation would transform the Post Office Department into a newly independent Postal Service the following year. Yet the law immediately created the Postal Rate Commission as the 1970 Act ended the role of the U.S. Congress in setting stamp prices. Later, with passage of the Postal Accountability & Enhancement Act of 2006, the agency was renamed the Postal Regulatory Commission as part of significantly expanding its responsibilities. For half a century, the Commission has been the regulatory anchor providing legal and economic oversight of the one agency that touches the lives of all Americans in every community nearly every day, at their homes and offices. Ever since Congress and President Nixon created it on August 12, 1970, the Commission has consistently conducted its work in an open and accessible way, with full transparency and an opportunity for robust input by the public. The agency's operations on behalf of its fellow citizens foster a vital and efficient universal mail system.