Monday, October 23, 2006

ValueAct Capital Reverses Course on Snap-on, Lowering Stake to 4.6%

In an amended 13D filing on Snap-on Incorporated (NYSE: SNA), ValueAct Capital disclosed a 4.6% stake (2.66 million shares). This is down from the 6.6% stake (3.84 million shares) the investment firm disclosed in a July filing, in which the firm was disclosing a raised stake in Snap-on.

Shares of Snap-On are higher today following better-than-expected Q3 results and the announcement of a $480 million deal to to acquire ProQuest Business Solutions from ProQuest Company (NYSE: PQE).

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