A San Francisco-based hedge fund has been steadily buying Reynolds and Reynolds Co. stock and is now the largest shareholder, according to a recent U.S. Securities and Exchange Commission filing.
ValueAct Capital Partners LP, which has a reputation for buying large holdings in undervalued companies and working with their management to try to boost performance, has invested more than $171 million in Reynolds. It started revealing its purchases to the SEC in August, and its stake in the company had reached 9.9 percent, or 6.2 million shares, by late September.
