HMHC - Houghton Mifflin holder Engine Capital won't tender shares for sale to Veritas

Activist investor and Houghton Mifflin (NASDAQ:HMHC) holder Engine Capital said it won't tender its shares for the education company's planned $21/share sale to Veritas. Engine Capital also plans to nominate directors to the board if the majority of holders don't tender into the offer. "We don’t oppose this transaction lightly and you should know that since Engine’s inception almost nine years ago, we have never opposed an announced transaction involving one of our portfolio companies,"  Engine Capital managing members  Arnaud Ajdler and Brad Favreau wrote on in letter to HMHC board. "In this particular case, however, we feel compelled to publicly do so because of the egregiousness of this transaction." Engine Capital joins a list of at least three other HMHC shareholders who have come against the sale to Veritas, saying that it undervalues the company. Last month HMHC holder Breach Inlet said it's "extremely disappointed" by the company's decision to sell

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Houghton Mifflin holder Engine Capital won't tender shares for sale to Veritas