Wednesday, 1 October 2014
Last updated 11 hours ago
Aug 23 2011 | 10:23am ET
Jana Partners isn't known for pulling its punches, and the hedge fund and its activist partner certainly didn't in calling for the McGraw-Hill Cos. to be split in four.
New York-based Jana and the Ontario Teachers' Pension Plan revealed a 5.2% stake in the publisher earlier this month and began to agitate for the breakup. Yesterday, they presented the company with a much more radical plan than that being considered by McGraw-Hill.
Whereas the New York-based company, which is already seeking a buyer for its broadcasting unit, is looking into selling or spinning off its educational publishing business, Jana and OTPP want one to become four, including splitting Standard & Poor's in twain.
Under the Jana-OTPP plan, McGraw-Hill would be divided into S&P, and information and media business and the education unit. In addition, S&P would be split, with the indexing business going its own way.
McGraw-Hill "has consistently underperformed its potential and traded at a sizable discount," Jana complained in its filing announcing the meeting. McGraw-Hill did not comment on the confab.
Separately, the company announced yesterday that S&P president Deven Sharma is stepping down by the end of the year and will be replaced by Citigroup executive Douglas Peterson. The leadership change at the company has been planned and is unrelated to Jana's push, S&P's controversial downgrade of long-term U.S. sovereign debt or the related Justice Dept. investigation into the company.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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