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Jana takes stake in Pinnacle Foods in bid to push sale, Reuters says

Published: 13:36 20 Apr 2018 EDT

Shopping cart in grocery store
The shares surged 9.7% on the news

Jana Partners, an activist investor, has taken a 9.1 percent stake in Pinnacle Foods Inc. (NYSE:PF) and seek talks with the company about a possible sale of the packaged foods maker, Reuters reported.

The New York-based hedge fund also plans to discuss the composition of Pinnacle’s board of directors, the report said, citing a regulatory filing by Jana.

Pinnacle, which owns brands such as Duncan Hines, last year had talks with ConAgra Brands Inc. about a potential merger, though the discussions eventually broke down.

Pinnacle shares gained 9.7% to US$60.57 at 1:32 p.m.

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