Jana Partners Sells Whole Foods Stake--Update
2017年7月20日 - 6:55AM
Dow Jones News
By Heather Haddon
Jana Partners LLC, the activist hedge fund whose push to shakeup
Whole Foods Market Inc. helped prompt Amazon.com, Inc. to buy the
natural grocer, has sold its stake in the company.
Jana has sold its entire stake in Whole Foods, according to a
corporate filing. The hedge fund became Whole Foods's
second-largest shareholder in April, amassing a nearly 9% stake and
demanding sweeping changes at the troubled grocer as it struggled
to improve sales.
Jana wanted to replace board members at Whole Foods board and
explore a sale of the company, among other demands. Whole Foods
executives bristled at the activist push, helping to spur
discussions with Amazon and a deal that officials viewed as more
beneficial, according to a corporate filing. Amazon said last month
that it plans to purchase Whole Foods for $13.7 billion.
Jana made a roughly $300 million profit on its five-month
investment, the filing shows. The fund started paring the stake
just days after the deal was announced and sold the bulk this week.
The sales totaled $1.1 billion, for an average of $41.90 a share,
just shy of Amazon's $42 offer. Jana had originally paid about
$794.5 million for the full position, it had disclosed.
In the days after the deal with Amazon was announced, Whole
Foods' stock continued to climb from the $42 a share Amazon offered
on speculation that other bidders would emerge. The stock reached a
high of $43.26 on June 21, before steadily falling as no other
suitors emerged. The deal is set to close in the second half of the
year pending approvals.
Write to Heather Haddon at heather.haddon@wsj.com
(END) Dow Jones Newswires
July 19, 2017 17:40 ET (21:40 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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