G&W, Others Weigh Buying 24 Magazines --- Price of at Least $300 Million Seen for the Publications Held by Ziff-Davis Unit

Abstract

Gulf & Western Industries Inc., currently bidding $700 million for Prentice-Hall Inc., is one of several companies that are separately evaluating whether to bid for 24 magazines owned by Ziff-Davis Publishing Co.

Meanwhile, Dillon, Read & Co., Prentice-Hall's adviser, and other investment banking concerns continued to seek a bidder to top G&W's offer for Prentice-Hall. The offer began last Wednesday. Prentice-Hall last week called G&W's $70-a-share bid inadequate and said it would seek a higher offer.

A Wall Street investment banker said, however, that Time had determined that it couldn't exceed G&W's bid. "G&W's bid makes sense only because of the fit between Simon & Schuster and Prentice-Hall," the banker said. "There isn't the same synergy between Time and Prentice-Hall." G&W owns publisher Simon & Schuster; together, Simon & Schuster and Prentice-Hall would make up the nation's largest book publisher, with wide interests in professional and consumer computer software.