Forbes reports that investment management firm Spencer Capital Management LLC reported a 6.8 percent stake in Borders in a regulatory filing on Monday. According to the filing with the Securities and Exchange Commission, Spencer Capital and portfolio manager Kenneth H. Shubin Stein own 4 million shares of the Ann Arbor, Mich.-based company. Following the acquisition, Spencer is the company’s fourth largest shareholder.
Spencer said it acquired the stock because it represented “an attractive investment opportunity based on the company’s business prospects.” The shareholder said it discussed Borders’ business with the chief financial officer in late June and plans to engage in further discussions with the company’s management or board.