GULF AND WESTERN <GW> TO ACQUIRE BRITISH COMPANY Gulf and Western Inc's publishing unit, Simon and Schuster, said it agreed in principle to acquire <Woodhead-Faulkner (Publishers) Ltd>, a British-based publisher of professional and consumer books, for undisclosed terms. Upon completion of the proposed transaction, Woodhead-Faulkner will become part of Simon and Schuster's International Group, which in the U.K. includes Simon and Schuster trade books, and Prentice Hall academic texts. Simon and Schuster said that Woodhead-Faulkner will continue to publish under that name. The company will continue to be under the direction of Martin Woodhead, who will report to Henry Hirschberg, president of Simon and Schuster's International Group. Woodhead-Faulkner, founded in 1972, publishes international banking, finance, and investment books.