Klarinet Archive - Posting 000389.txt from 2003/02

From: Neil Leupold <leupold_1@-----.com>
Subj: Re: [kl] Buffet sold to Rutland Fund Management
Date: Wed, 12 Feb 2003 11:24:06 -0500

--- Joseph Wakeling <joseph.wakeling@-----.net> wrote:

> The press release is here:
> http://www.boosey.com/pages/corporate/img_s/Press%20Release%2011.02.03.pdf

Very interesting. It is fundamentally a business decision toward the goal of maximizing
shareholder value at Boosey. The board doubtless performed some kind of normative analysis after
being approached by Rutland, deciding that the possible impact on the quality and culture of
Buffet (and Besson, et al.) was not substantial enough to offset the anticipated gains from sale
(assuming that potential impact was considered at all). It appears that an itch to sell was
tickling Boosey's backside even before they were approached by Rutland, because their publishing
division is also on the auction block and they've decided to sell it separately for maximum
profit, as opposed to positioning it with Buffet as a package deal. The board is basically just
doing its job.

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