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...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...
...statement says that Highfields had “expressed its disappointment in the Wallace Funds’ curt dismissal of Highfields’ firm and fully financed proposal to exchange Nonvoting Shares for the Wallace Funds’ Shares, especially in light of [Reader??s Digest’s] long-standing poor performance...
According to the filing, Highfields officials met with members of the Reader??s Digest Board of Directors and requested that the company take a more aggressive stance, including buying back shares and attempting to increase its earnings per share...
According to the filing, on March 26 Highfields also sent a letter to Devita with an even more explicit statement of its intentions, and raised their offer to $5 per share. In addition, the fund said once it had made changes to Reader??s Digest, all shares in the company would be turned into voting shares, thereby relinquishing control of the company to all investors...