Business Services Industry
Reader's Digest Association Shareholder Wants Control of Firm.
Knight Ridder/Tribune Business News, March, 2002
By Doris Hajewski, Milwaukee Journal Sentinel Knight Ridder/Tribune Business News
Mar. 13--A major shareholder in Reader's Digest Association Inc. who opposes a reported plan to buy Reiman Publications Inc. of Greendale is attempting to get control of the New York publishing firm.
The New York Post reported Monday that Readers' Digest, of Pleasantville, N.Y., was in talks to buy Reiman, which publishes folksy magazine and cookbooks and runs a catalog and travel business aimed at its rural reader, for as much as $800 million.
Highfields Capital Management of Boston has offered to buy the voting shares of the Wallace-Readers' Digest Funds in an effort to the push the company to become more profitable.
The Boston investment group...
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