Packaged food giant ConAgra Foods Inc. is the subject of a threat of a proxy fight led by Jana Partners LLC. Through a 13D filing with the Securities and Exchange Commission on Thursday, Jana disclosed a 7.2% stake in the foods company. The regulatory filing called on the company to consider a strategic review of strategy and corporate structure. The firm noted that it was poised to nominate three directors to its 12 person board, including its founder Barry Rosenstein. The firm specifically targeted ConAgra’s 2012 $6.8 billion acquisition of breakfast cereal, cookies and snack maker Ralcorp Inc. noting that the deal was followed by disappointing performance for shareholders, guidance misses and no dividend per share growth, among other problems. Jana is urging ConAgra to delay its June 21 deadline for nominating dissident director candidates as an effort to give the company and shareholders more time to have discussions about a strategic review for the business. ConAgra stated on Thursday that it looked forward to opening discussions with Jana and pushed back its deadline for director nominees to July 8.
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