HMHC - Houghton Mifflin holder says 'extremely disappointed' with $21/share sale to Veritas

A Houghton Mifflin Harcourt (NASDAQ:HMHC) holder said it's "extremely disappointed" by the company's decision to sell themselves to Veritas Capital for a "paltry" $21/share.  Breach Inlet Capital LP, which describes itself as a "significant holder" of HMHC, said the deal with Veritas doesn't reflect the fair value of the company and the Breach won't be tendering its shares into the Veritas offer, according to a statement. Breach Inlet sees HMHC's fair value around $29/share. "To conclude, we think selling HMHC for $21/share is an egregious decision and we will not be tendering our shares into the offer," Chris Colvin, founder and portfolio manger of Breach Inlet, said in the statement.  The announced sale to Veritas comes after Bloomberg reported last month that the education company was exploring a sale. A sale also follows News Corp.'s $349M cash acquisition of the books & media segment of Houghton Mifflin Harcourt (HMHC) last year. In

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Houghton Mifflin holder says 'extremely disappointed' with $21/share sale to Veritas