JANA Partners Moving Fast
In less than two weeks of taking their campaign against ConAgra public they’ve gotten the foods company to agree to divest its private foods business. We covered this last week - noting Jana is reaching with this pick (read: not enough upside for us). Barry Rosenstein and Jana threatened a proxy battle. Judging by the quickness that ConAgra caved to moving the board nomination date (within the hour of Jana’s request), the writing was on the wall that ConAgra would cave fairly easily. But let's have a look at why that doesn't really matter.