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Publishing firm Reader's Digest (RDA Quote) agreed to be acquired by a Ripplewood Holdings-led investor group in a $2.4 billion transaction.
The buyout group is paying $17 a share for Reader's Digest, whose stock closed Wednesday at $15.51. After the deal was announced, the stock rose $1.29, or 8.3%, to $16.80, putting it 50 cents above its 52-week high.
The total transaction value includes debt that's being assumed. The board of Reader's Digest approved the merger agreement and recommended that shareholders also support the deal. ...
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