Jana Partners Sells Whole Foods Stake
July 19 2017 - 5:28PM
Dow Jones News
By Heather Haddon
Jana Partners LLC, the activist hedge fund whose push to
shake-up 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.
In the days after the deal was announced, Whole Foods's 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 17:13 ET (21:13 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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