	harper and row hpr to mull options after bids harper and row publishers inc said its board of directors decided to take no action on two takeover bids that the company has received instead it appointed a committee of independent directors to study strategic alternatives for the year old firm the alternatives include continuation of the company s existing business plans possible business combinations sales of stock restructuring and the sale of all or part of the company kidder peabody and co inc has been retained to advise on the alternatives harper and row added private investor theodore cross last week offered dlrs a share for harper and row prompting a rival bid of dlrs a share from another publishing firm harcourt brace jovanovich inc hbj after considering the two offers at a meeting on friday the harper and row board decided not to act on them the directors unanimously expressed their strong desire to preserve the company s independence and take advantage of its considerable future prospects according to director winthrop knowlton former chief executive and now chairman of the newly established independent committee however given the significant current interest in the company we also feel that we should carefully review all the options available the committee will consider all the pertinent facts and alternatives we intend to make a careful and informed decision but will proceed expeditiously to a conclusion knowlton said pending its deliberations harper and row s board has postponed indefinitely a special meeting of stockholders that had been scheduled for april to discuss a proposal to recapitalize the company s stock to create two classes of shares with different voting rights reuter 
