ConAgra's (CAG) Peers Advance After JANA Reveals Stake
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ConAgra (CAG) Board May be Reluctant to Break-Up, Says Deutsche Bank
June 19, 2015 7:42 AM EDTDeutsche Bank maintained a Hold rating on ConAgra (NYSE: CAG) and raised its price target to $38.00 (from $36.00). The change follows news activist JANA acquired a 7.2% stake in the company. JANA said it may nominate board members to help the company "evaluate and address opportunities for shareholder value creation."
Commenting on developments, analyst Eric Katzman said, "With Jana... More
ConAgra Foods (CAG) Makes Statement on JANA's Stake, Says it Welcomes Shareholder Engagement
June 18, 2015 5:01 PM EDTConAgra Foods, Inc. (NYSE: CAG) issued the following statement today in regard to JANA Partners LLCs investment in the company, which it learned of on June 17:
ConAgra Foods Board of Directors and management team are committed to acting in the best interests of all... More
JANA Partners Shows New 7.2% Stake in ConAgra Foods Inc. (CAG)
June 18, 2015 4:47 PM EDTIn a 13D filing on ConAgra Foods Inc. (NYSE: CAG), hedge fund JANA Partners disclosed a 7.2%, or 30,863,322 share, stake in the company. The firm did not hold shares at the end of the latest quarter ending March 31, 2015.
In part, JANA said it may seek to take board seats.
From the filing:
The Reporting Persons acquired the Shares because they believe the Shares are undervalued and represent an attractive investment opportunity. JANA believes that the Issuer has significantly underperformed in shareholder value creation. Most significantly, the acquisition of Ralcorp Inc. in... More
