Feud gives Blackwell the blues
DIRECTORS of family-owned Blackwell Publishing are understood to have turned down proposals from within the clan's own ranks to put the business up for sale.
It is the latest twist in an extraordinary power struggle that has erupted between uncle and nephew over the fate of the historic company, which traces its roots to an Oxford bookshop founded in 1879.
The board met on Monday to consider requests from Toby Blackwell to investigate a quick sale of the company. Toby, who, along with son Philip, owns half the shares, wants an independent committee to represent him to the board and for an adviser to be appointed to examine a sale.
The company, which could fetch up to £500m, would be a tempting morsel for predators, including Pearson, German group Bertelsman and Anglo-Dutch Reed Elsevier.
The board said it had made 'clear decisions' on Toby's proposals and that an announcement-will come 'in due course'.
But chairman Nigel Blackwell, Toby's nephew, who has a 42% stake, is against a quick sale. He thinks it would amount to selling off the family silver for less than its true worth. He and his fellow board members favour a stock market float in 2004-5.
The directors are also thought unlikely to agree to an independent committee on the grounds that the board already comprises a majority of non-executives from outside the family.
