MAXWELL WOULD NOT RENEW BID IF SUIT FAILS
  British press magnate Robert Maxwell said
  his British Printing and Communication Corp Plc would not renew
  its bid for Harcourt Brace Jovanovich Inc <HBJ> if the lawsuit
  filed against Harcourt in New York today fails.
      Speaking at a press conference, Maxwell denied market
  rumors that British Printing had approached British
  institutions to arrange a rights issue with a view to
  relaunching its bid for the U.S. publishing concern.
      "I don't believe in chasing mirages," maxwell said.
      British Printing filed suit in U.S. District Court in
  Manhattan to block what Maxwell called a fraudulent
  recapitalization announced by Harcourt last week.
      Harcourt, in response to a hostile two billion dlr takeover
  proposal from Maxwell, planned a recapitalization that would
  pay shareholders 40 dlrs per share. Under the plan, it also
  said 40 pct of its shares will be controlled by its employees,
  management, and its financial adviser, First Boston Corp <FBC>.