Singapore- Activist investor Jana Partners disclosed a 9.1 percent stake in Pinnacle Foods. It is also seeking talks with the company on a range of subjects including a possible sale of the packaged foods maker.
Jana would also have talks with Pinnacle about the composition of its board of directors.
Investors have circled Pinnacle for some time, and some investors had hoped for a merger. But talks between the company, which makes Duncan Hines bake mixes and Vlasic pickles, and ConAgra Brands, which sells Peter Pan peanut butter and Pam non-stick cooking spray, broke down.
Jana is known on Wall Street as a one of the industry’s most respected activist investors often preferring to work away from the limelight and steering clear of proxy contests that many celebrity activists embrace.
