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ConAgra Targeted by Activist Jana After Ralcorp Merger
Why Conagra Is Being Targeted by Jana Partners
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ConAgra Foods Inc. is being targeted by activist investor Jana Partners, which is threatening to nominate three directors in the wake of the food company’s disappointing acquisition of Ralcorp Holdings Inc.
Jana, a hedge fund founded by Barry Rosenstein that disclosed a new active stake of about 7.2 percent in ConAgra, said in a regulatory filing Thursday that it asked the company to push back its June 21 deadline to submit nominations for its annual meeting to provide “more time to have collaborative discussions.” In a statement in response to Jana’s filing, ConAgra said it has extended that deadline to July 8.