Jana, Ontario teachers buy stake in McGraw-Hill

Activist hedge fund Jana Partners said Monday that it has teamed up with the Ontario Teachers Pension Plan Board to buy a 5.2 percent, $531 million stake in textbook publisher McGraw-Hill Cos., saying the shares were undervalued and that it may take steps to boost shareholder value, the Associated Press reports. Shares of McGraw-Hill jumped $2.34, or 5.7 percent, to $43.50 in after-hours trading on the news. McGraw-Hill, which owns the financial ratings agency Standard & Poor’s, educational publisher McGraw-Hill Education, Platts energy information services and J.D. Power and Associates, said last month it plans to divest its broadcasting unit as it reviews its portfolio of businesses…

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