Activist group acquires stake in McGraw-Hill

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New York—Jana Partners, an activist investor group, and the Ontario Teachers Pension Plan Board said in Securities and Exchange Commission filings that they have acquired 5.2% of McGraw-Hill Cos.' outstanding shares and plan to work together to boost shareholder value.

Jana said in an SEC filing that it had acquired 8.9 million shares over the past two months to own 2.9% of McGraw-Hill, a company it said was undervalued. In a separate filing, the Ontario Teachers Pension Plan Board said it had acquired 6.8 million shares, or 2.3% of the company.

In a statement, McGraw-Hill said it “had already announced the planned sale of one of its non-core businesses (its broadcasting unit) and the acquisition of two new businesses for its high-performing Platts business. In addition, the company demonstrated its commitment to leveraging its strong cash flow and balance sheet to return capital to shareholders through the authorization of a new 50 million share repurchase program, and has, this year, already bought back 7.7 million shares.”

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