Jana Partners takes 9.1% stake in Pinnacle Foods
According to Reuters, investor Jana Partners disclosed a 9.1% stake in Pinnacle Foods on April 19, and said it would seek talks with the company on a range of subjects including a possible sale of the packaged foods maker.
According to Reuters, investor Jana Partners disclosed a 9.1% stake in Pinnacle Foods on April 19, and said it would seek talks with the company on a range of subjects including a possible sale of the packaged foods maker. In a regulatory filing, Jana also said it would have talks with Pinnacle about the composition of its board of directors.
Investors have been interested in Pinnacle for a while now. Talks between Pinnacle and Conagra about a possible merger broke down this past summer after the two couldn’t agree on a purchase price. Some investors have said they would like Pinnacle to revisit a possible merger and said that Conagra could still be a potential suitor.
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