Activist Jana cashes out of Whole Foods following Amazon deal



(Reuters) – Activist investor Jana Partners LLC cashed out of its position in Whole Foods Market Inc (WFM.O), a regulatory filing showed on Wednesday, after the upscale grocer agreed to be acquired by Inc (AMZN.O) in a $13.7 billion deal last month.

Jana, which was Whole Foods’ second-largest shareholder with an 8.2 percent stake, made a profit of over $300 million on the sale, according to Reuters calculations.

Jana bought 27.9 million shares of the company for $721.2 million in March, and exited its position on Tuesday for a price of more than $1 billion.

The investor had heaped pressure on Whole Foods to sell itself after taking a stake in the company, citing the retailer’s lagging sales and stock price.

In June, Whole Foods agreed to be bought by Amazon for $13.7 billion in a sector-altering deal that could see the e-commerce giant enter the brick-and-mortar retailing industry.

Reporting by Karina Dsouza in Bengaluru; Editing by Sai Sachin Ravikumar


Source link


Articles You May Like

Hundreds of Thai protesters rally to demand leaders’ release
Waiting for Tokyo: How 110,000 Olympic volunteers put their lives on hold
UN Security Council to meet on Myanmar crisis as protesters are again met with gunfire
New initiatives announced to help Singapore companies go digital
Myanmar police fire on protesters in ancient former capital Bagan

Leave a Reply

Your email address will not be published. Required fields are marked *