Dec 06 2006
An investor group led by Ripplewood Holdings has agreed to buy Reader's Digest. They plan to pay $17 per share and will assume all Reader's Digest debt. Reader's Digest had sales of $2.39 billion for the fiscal year ending June 30 and an operating loss of $45 million; their shares were languishing in the low teens but are now up at about $15. The deal is expected to close in the first quarter of calendar 2007.
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