Shares of ConAgra Foods (CAG) wrapped up Friday’s trading day with a gain of almost 11 percent. The packaged food company is TheStreet’s Move of the Day. Shares saw a boost after activist investor Jana Partners said it scooped up a 7.2 percent stake in ConAgra, according to a filing with the Securities and Exchange Commission on Thursday, and is looking to claim seats on its board of directors. In the filing, Jana explained the reasoning behind its move, and said: ‘Shares are undervalued and represent an attractive investment opportunity. Jana believes that the Issuer has significantly underperformed in shareholder value creation.’ The investment firm cited ConAgra’s 2013 acquisition of food manufacturer Ralcorp, which ‘has been followed by disappointing performance for shareholders.’ ConAgra released a statement on Thursday, in response to Jana: ‘ConAgra Foods’ Board of Directors and management team are committed to acting in the best interests of all shareholders, and we welcome shareholder engagement.’ TheStreet’s Scott Gamm reports from New York.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
