Monday, July 21, 2008

He's Baaack!

Shareholders of Nobel Learning Communities are apparently afraid that Michael Milken may be attempting to takeover the company.

According to NyPo, Wynnefield Capital, a $400 million New York investment firm that owns a 12.5 % stake in Noble, has asked the firm to institute a poison pill.

"A creeping takeover is what I'm afraid of," said Nelson Obus, a founding partner at Wynnefield.

Blesbok, a firm where Milken and his brother are managing members,, has ratcheted up its stake in Nobel from under 20 percent in March. Late Friday, Blesbok bought almost 1 million shares at above the $15 a share closing price, pushing its stake above 30%. Nobel runs a chain of more than 170 private schools.

Milken is involved in a number of education related companies. He is technically barred from the securities industry, and generally tends to keep a low profile these days, outside of his annual conference, and philanthropic work.

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