Jana nearly halves Jack in the Box stake
14 January 2019. By Brian Baker.
Activist investor Jana Partners reduced its stake in Jack in the Box by almost half, according to a securities filing today.
The investment firm now holds 864,431 shares, or a 3.4 percent stake, down from 6 percent earlier this year.
The share sales come after the fast-food company said last month that it was exploring strategic alternatives and had talked with potential buyers. The board didn't set a timetable to complete the process and said there was no guarantee a sale would take place.
In October, San Diego-based Jack in the Box reached a deal to allow Jana to add two independent directors to its board, one of whom could be a Jana employee. The agreement would increase the board’s size from nine to 11 directors.
The fund reported the sale of 687,090 shares from Jan. 7 to Jan. 11 for an average price of $80.99 a share. Jack in the Box shares closed on Monday at $81.05.
Jack in the Box shares are down about 15 percent over the past year.
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