Word: dri
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Otto Eckstein, Warburg Professor of Economics and president of Data Resources Inc. (DRI), a prominent economic forecasting firm, announced this weekend that McGraw-Hill Inc. had agreed to buy the company for $103 million...
McGraw-Hill said they would purchase 45 per cent of DRI stock from Eckstein and other major shareholders at $50 a share, and agreed to offer the same price to stockholders for the rest of the shares during the rest of this month...
...DRI closed at $33 a share on the New York Stock Exchange last Thursday, up from $18 a share in March...
Eckstein and his family will reportedly make more than $100 million from the sale. DRI earned $3.1 million in profit last year on sales of $31.5 million...
...DRI economists--Bruce Scheer, an expert on agriculture, and Jay Siegel, an income and age pattern analyst--also resigned last week...