Jana, Pension Buy Up McGraw-Hill Stake, To Push For Change

Aug 2 2011 | 12:06pm ET

Activist hedge fund Jana Partners has teamed up with a major Canadian pension plan to push for the breakup of publisher McGraw-Hill Cos.

New York-based Jana and the Ontario Teachers Pension Plan revealed their 5.2% stake in McGraw-Hill, which publishes textbooks and owns a broadcasting division, Standard & Poor's, Platts energy information services and J.D. Power and Associates. The company said last month that it would sell the broadcasting unit, but that's not likely to assuage Jana and OTPP.

In their filing with the Securities and Exchange Commission, the two said that Jana has held talks with McGraw-Hill about "business, corporate structure, operations, management and board composition, strategy and future plans." The hedge fund warned that it "may take other steps seeking to bring about changes to increase shareholder value."

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