Acquisition

Reed International PLC
Elsevier NV
27 June 2001

Issued on behalf of Reed International P.L.C. and Elsevier NV



27 June 2001



Reed Elsevier announces completion of US Department of Justice review
of on-sale to Thomson and extension of Harcourt offer until 8:00 p.m. New York
City time on Friday, July 6, 2001



NEW YORK (June 27, 2001) Reed Elsevier Inc. today announced that the US
Department of Justice has completed its review of Reed Elsevier's proposed
on-sale of certain assets of Harcourt General, Inc. to The Thomson Corporation
with the filing today, in the Federal District Court for the District of
Columbia, of a Consent Decree.



Under the settlement reached with the Department of Justice, Reed Elsevier can
complete the on-sale to Thomson after it has acquired Harcourt. The Consent
Decree obligates Thomson to divest certain college text books and either a
portion or all of Harcourt Assessment Systems, Inc., a subsidiary of Harcourt,
to one or more purchasers approved by the Department of Justice. On May 7,
2001, the Department of Justice completed its investigation of Reed Elsevier's
acquisition of Harcourt, and closed that portion of the investigation without
further action.



Reed Elsevier's tender offer for all of the outstanding shares of common
stock, par value $1.00 per share and all outstanding shares of series A
cumulative convertible stock, par value $1.00 per share of Harcourt remains
subject only to completion of the regulatory process in the United Kingdom.



Reed Elsevier Inc. today also announced an extension of the expiration date of
the tender offer from 8:00 pm, New York City time on Wednesday, June 27, 2001
until 8:00 pm, New York City time on Friday, July 6, 2001.  The offer is being
extended to accommodate the regulatory review process in the United Kingdom.
Reed Elsevier may further extend the offer in due course.



Reed Elsevier has been advised by Citibank, N.A., the Depositary for the
tender offer, that as of the close of business on June 26, 2001, approximately
24,737,023 shares of common stock and approximately 557,682 shares of series A
cumulative convertible stock of Harcourt had been validly tendered and not
withdrawn pursuant to the offer.




For further information please contact:
Catherine May, Reed Elsevier: [phone]


For further information on the tender offer please contact:

MacKenzie Partners, Inc., the Information Agent for the tender offer: 
[phone].