GLOBAL MARKETS: Jana takes a bite of Pinnacle Foods
Activist investor Jana Partners has disclosed a 9.1% stake in Pinnacle Foods
Sugaring the pill?
Takeda Pharmaceutical shares lost almost 5% of their value on Friday as investors fretted over the size of the deal the Japanese company would have to make to seal its record-breaking purchase of Shire Plc.
Shire has rejected Takeda’s US$63bn cash-and-stock conditional offer, saying the offer — and two previous offers — significantly undervalued its growth prospects and drugs in development. The rare-disease drug maker says talks to determine "whether a further, more attractive, proposal may be forthcoming" will continue.
A successful bid would propel the company into the top ranks of global drug makers in Japan’s largest-ever outbound deal.
Jana takes a bite of Pinnacle
Activist investor Jana Partners has disclosed a 9.1% stake in Pinnacle Foods and says it will seek talks with the company on a range of subjects, including a possible sale of the packaged foods maker and the composition of its board. Investors have for some time circled Pinnacle, which makes Duncan Hines baking mixes and Vlasic Pickles, and some have hoped for a merger.