Friday, January 18, 2008

Pershing Gets A Seat at Borders Table

Richard McGuire, is one of five people responsible for managing about $6 billion for Pershing, is now on the Board of Directors at Borders (BGP).

If you remember, Pershing recently upped its stake to 24% and has a history or pushing for change in its investments.

In a statement they parties said:
"Mick brings substantial expertise, financial sophistication and fresh insights to the Borders Group Board," said Chief Executive Officer George Jones. "We are pleased to welcome him and look forward to benefiting from his involvement. His addition, and our recent election of Mike Archbold, strengthen the Borders Group Board, reflecting our continued determination to pursue the best interests of our stockholders."

"I am optimistic about the future of Borders and look forward to working with the Board and the management team as the company executes its strategic turnaround plan," McGuire said. "The company has many near and long-term opportunities. The plan is a sound strategic roadmap and I'm pleased to be part of a process designed to deliver value for all shareholders over the long-term."

I still cannot see the big interest Ackman has in Borders but I just cannot wait to see how this thing shakes out.. I am sure he has big plans.

Disclosure ("none" means no position): None

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