Activist investor Jana Partners takes 9.1% stake in Pinnacle Foods
Jana Partners has disclosed a 9.1% stake in Pinnacle Foods, the packaged food manufacturer behind brands such as Birds Eye, Vlasic Pickles, and Mrs Butterworth’s, according to a regulatory filing.
The activist investment firm said that it was in talks with the US company about exploring a possible sale or other transaction in the frozen food space.
The New York-based hedge fund said that it believes Pinnacle Foods’ shares are “undervalued” and represent an “attractive investment opportunity.”
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Jana Partners also said that it may also discuss other issues including the company's’ cost structure, operations and board composition.
The hedge fund has a history of agitating change in the food and beverage sector. Last year, it took similar measures to urge change at Whole Foods Market before it was acquired by Amazon Inc. for $13.7bn.
Owned by billionaire Barry Rosenstein, the hedge fund has also pushed for changes at Conagra Brands In., Safeway Inc. and most recently at Outback Steakhouse owner Bloomin’ Brands Inc.
“We are aware that Jana Partners has made a 13D filing regarding its investment in Pinnacle Foods,” a Pinnacle spokesperson said in an email to Reuters.
“Pinnacle’s Board of Directors and management team welcome stockholder input and are committed to continuing to create value for all stockholders.”
IHOP becomes IHOb, and the 'b' stands for burgers
The news of the rebrand was r...
IHOP Restaurants has rebranded, and will now be known IHOb, with the ‘b’ standing for burgers, the company has said.
The news of the rebrand was revealed next week, with speculation about what the ‘b’ may stand for, with guesses ranging from brunch to bananas.
In a release, IHOb said that change in fact celebrates the debut of the brand’s new Ultimate Steakburgers, a line-up of seven mouth-watering, all-natural burgers.
To show the brand is as serious about burgers as it is about its world-famous pancakes, it’s flipped the “p” to a “b” in their iconic name for the time being, including its Twitter handle.
A flagship IHOb restaurant in Hollywood, CA, has also been completely “re-burgered”, and will offer all of the company’s new range of burgers, with its Ultimate Stakeburgers to come in seven varieties.
“Burgers are a quintessential, American menu item so it makes perfect sense that IHOP, one of the most iconic, all-American comfort-food brands in the world, would go over the top to create a delicious line-up of quality burgers that hit the spot any time of day,” said Chef Nevielle Panthaky, Head of Culinary at IHOb.
“Our new Ultimate Steakburgers are made with all-natural, 100% USDA Choice, Black Angus ground beef that is smashed on the grill to create a sear that locks in the juices and flavour.