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Bloomberg
Jana Partners, the activist fund run by Barry Rosenstein, disclosed a stake in Pinnacle Foods Inc. and is urging the packaged food manufacturer to explore a sale or another transactions in the frozen food space.
The New York-based hedge fund and its partners own 9.5 percent of the food manufacturing company, according to a regulatory filing. Jana said in the filing that it believes Pinnacle is in a good position to consider consolidation given its strong position in the frozen foods industry.
Jana said it may also discuss other issues with the company, including its cost structure, operations and board composition. Jana has partnered on the investment with former Unilever NV executive James Lawrence, Lululemon Athletica Inc. Chairman Glenn Murphy, and Rodan & Fields LLC CEO Diane Dietz.
A spokesman for Pinnacle said the company was aware of Jana’s investment, adding that Pinnacle’s board of directors and management welcome stockholder input and are committed to continuing to create value for all stockholders.
The company had a market value of about $6.6 billion before Jana’s disclosure.