Blue Harbour Cashes In On Reader's Digest Takeover Bid

Nov.21.06 | About: RDA Microelectronics, (RDA)

In an amended 13D filing on Reader's Digest Association Inc. (NASDAQ:RDA) after the close Friday, Blue Harbour Group LP disclosed they sold their entire 6.6 million share stake in the company. A majority of the sales occurred after Reader's Digest announced a deal to be acquired by Ripplewood Holdings for $17 per share.

The position appears to have turned out a winner for Blue Harbour, which disclosed in July that the cost of their 6,435,400 share stake was $99,359,060, or about $15.44 per share.

Readers Digest Chart 21 11 06