Stephanie Gorton has joined The Overlook Press as editor. She was previously managing editor at Canongate UK. Tom Willshire has joined Overlook as national accounts manager. He was previously at Continuum. At St. Martin’s, Monique Patterson has been promoted to executive editor. At HarperCollins, May Chen has been promoted to senior editor. Also at the company, John Jusino has been promoted to director of production editorial for the Harper, Harper Business, and Collins Reference imprints. Joan Slattery is joining Pippin Properties as an agent and contracts manager. She has been at Random House for 20 years, most recently as senior […]
Finance
More Proxy Support for Barnes & Noble
Proxy advisory firm Egan-Jones has recommended general support of management in the Barnes & Noble battle. They say “we have not seen a convincing strategy put forward by Yucaipa which would…put the company on a materially different pathleading to increased shareholder value.” And they are concerned about the angle raised by BN itself–that Yucaipa and Aletheia will be able to take control jointly if the poison pill is amended. (These proxy firms don’t seem imagine enough to entertain the prospect that the best way to fetch a good buyout price for BN shares is to pique chairman Len Riggio’s competiveness […]
Proxy Fight Today
Bank of America/Merrill Lynch downgraded their outlook on Barnes & Noble shares from neutral to underperform “on uncertainty surrounding the company’s digital initiatives and a deteriorating balance sheet,” setting a price target of $13 a share. A WSJ piece of a number of ongoing shareholder battles suggests that in the pending Barnes & Noble vote, “a recommendation by influential proxy advisory firm Institutional Shareholder Services Inc. will be crucial, and both sides have been lobbying the firm in recent weeks.”WSJ
Only In Europe? 2004 Sale of Parts of Editis to Wendel Is Declared Illegal
This one is a bit of a head scratcher. A European Court has struck down a 2004 European Commission decision that had allowed investment group Wendel to buy part of the Editis publishing assets for 660 million euros as part of Lagardere’s acquisition of Editis. At the same time, the court affirmed that Lagardere’s purchase of Editis was acceptable. They said the trustee who oversaw the report on Wendel’s purchase was not sufficiently independent. “The establishment of this illegality is such as to vitiate the lawfulness of the approval decision.” It’s not exactly clear what happens next. Reuters says “the […]
Scholastic Buys Math Specialist
Scholastic announced that it has acquired Math Solutions, which provides K-12 teachers with professional development services for math instruction, for undisclosed terms. They will run it as a unit of Scholastic Education, with with Christine Willig continuing to serve as ceo and president of Math Solutions and founder (as well as math educator and author) Marilyn Burns serving as a math education consultant to Scholastic.
The Daily Barnes & Burkle
In the latest proxy filings, Ron Burkle and Len Riggio continue to fight to show who is least suited to run the company going forward. From the Yucaipa presentation, Ron Burkle laments that he has invested over $200 million in company stock and “as of July 30, our investment is down over 27 percent.” (But since August 1, the stock is up almost 20 percent.) Meanwhile, Barnes & Noble now admits that the final cost of acquiring BN College was “only $439 million.” (Previously, for unknown reasons, they would not openly acknowledge the cost after deducting BN College’s cash on […]