(Corrects date of regular dividend payment to Dec. 12 from Dec.
Dec 6 McGraw-Hill Companies Inc said it
will pay a special dividend of $2.50 a share before year-end and
will drop its previously announced plan to buy back up to $200
million more of stock this year.
The announcement on Thursday follows the company's decision
last week to sell its education publishing business to Apollo
Global Management for $2.5 billion. McGraw-Hill expects to
receive $1.9 billion in after-tax proceeds from that sale
The company said it is paying the special dividend as part
of the plan it announced last year to boost shareholder value.
McGraw-Hill had 278 million shares of stock outstanding as
of Oct. 15.
The special dividend will be payable on Dec. 27 to
shareholders of record on Dec. 18, the company said. It will be
in addition to the company's regular quarterly dividend to be
paid on Dec. 12.
(Reporting by David Henry in New York; Editing by Leslie