Bass Has 5.6% Stake in Houghton Mifflin
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NEW YORK — The last major independent book publishing company left after a wave of mergers became the center of takeover speculation Tuesday as the Robert M. Bass Group announced that it holds a 5.6% stake in Houghton Mifflin Co.
The old-line Boston publisher is considered the only pure book publishing company of any size that is independently owned.
It publishes school texts and general-interest books, and owns a valuable back list of titles.
The Bass Group reported in a disclosure statement that it holds an initial stake of 790,200 shares of the stock outstanding, saying it acquired the shares as an investment.
Directors control about 10% of the stock.
Houghton Mifflin’s shares closed up $8.875 at $45.25, in New York Stock Exchange trading.
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