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 Dunca...
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