Word: digests
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Dates: during 2000-2009
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Highfields currently owns 10 percent of Reader’s Digest non-voting stock and 3.5 percent of its voting stock. In the deal it would acquire a majority of the voting stock from Wallace-Reader’s Digest Funds, which owns 50 percent of the voting stock...
Reader’s Digest has seen its revenues and stock price drop and has had to stop production of two magazines because of the economic downturn’s pinch on the publishing industry and decreased business from their sweepstakes mailings...
...source close to the deal said that while Reader’s Digest was interested in Highfields’ suggestions about ceasing acquisitions of other companies, the company felt that the Reiman deal was too good to pass...
...Reader’s Digest board liked the Reiman acquisition because it brings $300 million in revenues and operating cash flows in excess of $70 million,” he said...
...March 26 Highfields filed a strongly worded statement with the SEC that soon was made public expressing frustration with Wallace-Reader’s Digest President Chris Devita and the company’s board of directors after the decision to not take up Highfields’ offer...