Bowing To Vocal Investor CalSTRS, Cerberus To Sell Gunmaker

Law360, New York (December 18, 2012, 5:22 PM EST) -- Cerberus Capital Management LLC said Tuesday it would look for a buyer for gun manufacturer Freedom Group, responding to criticism from one of its biggest investors, California State Teachers Retirement System, to sell the company, whose assault rifle was used in last week's school shooting in Connecticut.

New York-based Cerberus acquired Bushmaster — which made the rifle used in the attacks at Sandy Hook Elementary School that killed 27 people last week, 20 of them young children — in 2006. Bushmaster later merged with other gun...
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