MAIN NEWS HEADLINES
October 4 – October 11, 2007 Edition
Seat on Borders
Board of Directors
NEW YORK, NY/10/1/07–Spencer Capital Management, LLC, an investment management firm that owns a 7.9% share in Borders Group, Inc., notified the SEC September 27 that it is seeking one or more seats on the board of directors at Borders. The filing document, Dr. Kenneth Shubin Stein, managing partner of SMC, has asked Borders CEO George Jones, to add Glenn Tongue as a member of the board and to consider adding other SMC representatives to the managing body to help “maximize shareholder value.” Including significant investors on the board would bring a shareholder’s perspective to decision making, the document said.
SEC filers said that while they have the right to offer plans and proposals to the company, they have no specific plans at this time. They may, however, reconsider their position to formulate plans at any time. CEO Jones is still considering the offer.
As of October 1, Borders stock prices on the NYSE rose slightly to $13.43, rallying after a low of $12.28 on September 26.