After a long struggle, I found the solution.
Solution: Add a reference to
System.Net.Http.Formatting.dll. This assembly is also available in the C:\Program Files\Microsoft ASP.NET\ASP.NET MVC 4\Assemblies folder.
ReadAsAsync is an extension method declared in the class
HttpContentExtensions, which is in the namespace
System.Net.Http in the library
Reflector came to rescue!
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